Good article. Thanks for sharing.
You know the old saing that figures don’t lie, but liars figure. It applies here.
First, look at total revenue in these calculations. It is inflated by including Social Security and medicare taxes that are not general fund revenues. These taxes are between 30% to 40% of the total, depending upon year.
Furthermore, Social Security pays more out in annual benefits than it collects in taxes. Thus the general fund must make up the difference by repaying some of the money they borrowed in previous years. A net outlay, not a revenue.
THERE ARE NO SOCIAL SECURITY TRUST FUNDS. The reserve funds to pay Social Security benefits has all been loaned to the general fund and spent. Social Security is holding IOU’s from the General Fund.
We are a house of cards that is beyond bankrupt. A close examination of the year end US Treasury financial statements for the last year ending September 30th 2023 reveals that the books were cooked by accelerating revenues and delaying expenditures. Those delayed expenditures were the reason the debt skyrocketed in October to pay the delayed bills.
It goes far beyond this. It even goes far beyond the unfunded liabilities to include loan guarantees. For example, the Federal Mortgage companies have borrowed short term to lend long term at very low mortgage rates. This is agency debt, not included in our national debt, but guaranteed by the USA.
Currently they are refinancing these short term bonds at rates greater than they are collecting on the low interest mortgages. When this bubble bursts, along with the FDIC bailout, the USA is toast. Burnt toast.
of course we’re toast....even many freepers have had their blinders on...go listen to Greg mannarino...
many young people choose not to work, so they are not paying in to social security
the others were aborted
AND-—the same Government is accusing SBF OF COOKING THE BOOKS AT FTX.
Our elected officials love to use Common Core math in their saving calculations.