Those who've been paying attention have long known there is no money in the Social Security Trust Fund -- it's all been spent. Thus, former Vice President Al Gore's famous assessment that Social Security receipts should be placed in a "lockbox" was actually correct.
Given that so few people really understand the Ponzi nature of the current Social Security financing scheme -- created in 1983 by a commission chaired by none other than the world's greatest serial blower of bubbles, Alan Greenspan -- I decided to reprise Sloan's article. (The Social Security problem is especially important because it likely will put additional pressure on the dollar and on bonds, and exacerbate the funding crisis down the road.) FULL STORY
Misleading the Public: How the Social Security Trust Fund Really Works
There is no cash in the Social Security trust fund, and there never has been any. The best way to fix Social Security, so that taxpayers will not have to pump hundreds of billions ...FULL STORY