Thursday, March 25, 2010

CRASH: Hot-DAYAM...We Have Arrived!!! Social Security Is Broke

Yessiree, we have made it.  Sos' Security (neither, in fact, "social" or "security") is broke!  AND we made it ahead of schedule!!!  Where are those Deemocrats with the bubbly?!?!

From Hot Air--

Give the New York Times some credit in reporting the retreat of Social Security into red ink … but don’t give them too much credit.  We’ve been writing about this for the last few years, and when we wrote about it, we presented the entire political backstory, including how Barack Obama’s OMB Director Peter Orszag predicted in 2008, while running the CBO, that this day would come — in 2019.  We included mentions of how Harry Reid and other Democrats insisted in 2005 that George Bush was scaremongering when he attempted to reform SSA through partial, elective privatization, and how they assured us that Social Security was safe for decades without reform.

 Well, yeah, but Reid is a liar... 

Al Gore (another name absent from this report) talked about a “lockbox” for Social Security assets, but they’re vaporware.  It consists of Treasury IOUs that the US has to pay by selling more debt.   The program has no hard cash of its own.  As it falls into the red, benefits have to be paid through borrowing, whether the SSA does it directly or Treasury does it indirectly.

Milton Friedman told us all DECADES ago that this day was inevitable, that Social Security was the ultimate Ponzi Scheme.  Anyone with a brain KNEW he was right, but Deemocrats loved Social Security for its value as a demagoguery mace par excellence, and would NEVER see it repaired, replaced, or saved. 

Happy days, America!!!  Party hats all around...

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