$43,000,000,000,000.00—The Biggest Scam in Human History
According to the Heritage Foundation and their own trustees, the Medicare and Social Security programs are $43,000,000,000,000.00 short of the funds required to pay future recipients in full. Why? Because the federal government has been “borrowing” from those funds to cover a portion of its runaway spending.
What? You didn’t hear about that on the evening news or read it in the local paper?
Whatever. It’s just $43,000,000,000,000.00 future generations of Americans will have to come up with to cover our excesses. I’m sure they’ll think of something.
More on fiscal irresponsibility from The Heritage Foundation
March 26, 2008 at 9:26 am
Constant money problems on every level. Do you suppose it all starts at home when children are not taught money management? Personal finance could and should be taught beginning at the elementary level through college. I don’t think that my generation will suffer from the Social Security and Medicare deficits, but future generations better look out. The piper will need to be paid.
March 26, 2008 at 10:16 am
Oh Yeah that sounds great. I am sure my generation does not mind covering that. That is great news for us up and coming youngsters. It just makes me want to go out right now and go to work. I mean the government knows how to handle money any way right? Social Security and medicare are great programs as long as you don’t have idiots managing them. Sounds to me like my current fellow classmates better not count on the government to help us out any down the road!!!!!!!
March 26, 2008 at 4:21 pm
The politicians will do what they always have; saddle a future President and congress with the unenviable task of either raising taxes, reducing benefits, or some combination to cover the shortfall.
March 30, 2008 at 10:22 am
Ann, I agree that this starts at home and that the schools should also teach financial planning. The onus can’t always be at the top, for example, at the federal level.
Chap, your sarcasm us certainly warranted. My apologies for the excesses of my g-g-generation and my parents’.
Michael, thanks for commenting. Please come back anytime. I took a look at your blog and am very impressed: http://www.fundblawg.com/
April 7, 2008 at 1:32 pm
Well this surprises me because money and politics go hand and hand. The government is never in debt and there is never a balance to be due, we’ll get out of this just fine. And what better way to solve the problem than to just make it the next generations problem, that sounds perfect. I can’t wait for my children to be the victims of this situation, a situation that mostly likely could’ve been prevented earlier, mush earlier.
April 7, 2008 at 6:42 pm
This does not suprise me at all. Social Security and Medicare are a joke! According to a 2003 study by researchers Chris Edwards and Tad DeHaven the average sixty five year old male citizen will receive $71,000 more in benefits than they ever payed into the systems. However, the average twenty five year old male could expect to pay $322,000 more in taxes than he would ever get back. Broken system I think so! What the goverement is doing with the tax payers money is known as a Ponzi Scheme. It is illegal and if you or I were to do the exact same thing with our businesses money that the goverement is doing with our tax dollars we would be hauled off to jail!
Meanwhile we have a Democratic party who was the brainchild of these failed programs to begin with spending billions of tax dollars to fight the supposed onslaught of “global warming”, yet has done little to nothing to combat the blantantly ovious Social Security and Medicare crisis. They boast they are the party of change, but what has a Democratic controlled congress really changed anyways?
The only way to save Social Security and Medicare is through a huge overhaul. We must privatize these programs and entrust the tax paying dollars into the hands of our citizens. Because our goverment sure as hell can’t manage these funds for us!
April 10, 2008 at 2:57 pm
WOW, what a surprise??!!NOT!! I mean our government and money….Just two things that obviously dont mix well together?! My generation is paying for madeicare and medicaid, while working, and we want even reap the benefits we are paying for. We are just paying for the governments losses!Like you said, Im sure they will think of some reason to make us pay more for this…They will make up some lame excuse of how we owe them money, and the bad thing is,is that WE WILL HAVE TO PAY IT!! Yoju know we say the government arent to smart, but really they are, we are paying for their losses not them!
April 14, 2008 at 3:22 pm
I agree with Chase W when he says Medicare and Social Security are a joke! This hits close to home. My grandmother lives off the social security that is or was avaiable. I know my grandmother did go about retirement the right way, but this down right scares me. It makes me wanna save all the money I get from now on out. I probably will just start storing it under my bed. To me, the government do not know what they are doing. I have never liked the government. I have never been interested in the politicians or elections but money is something everyone needs. I thought my future, retirement, and health care were insured. GUESS NOT. I think it is stupid how America will just hand out money and Medicare to illegals but the Ameircan citizens get the shaft. Our country is corrupt, but everyone now is heading that way.
April 14, 2008 at 4:13 pm
this is great to hear. every time i get my check from work i see money that the government took from me. not only am i probably never going to see this again. now i know it is already gone, or it is being used to buy new shoes with welfare checks(i have had to accept that check at my job for a new pair of Air Jordans) i hope one day this will all work out but in the meantime why would a flat tax or fair tax not work? i have no idea
April 14, 2008 at 5:01 pm
What a surprise the government short of money and nobody knows about it? This is nothing new with our government. After seeing how the government deals with our money; they will probably just take more Medicare and Social Security taxes out of our paychecks. Money we work hard for, but more than likely we will never see it again.
April 15, 2008 at 1:35 pm
It feels wonderful to look at my paycheck and see how much money is taken out for the benefit of the retired population of the nation. not only is my generation held accountable for their own entire retirement funding (with no help from Social Security), we also have to pay for the retirees of today. i believe a definite change in our nation’s tax policies is in order. Social Security was signed by President Roosevelt in 1935, a time in which our country was in a much different world. i believe tax polices more suited to this day and age, as well as the state of our nation’s economy, is a major issue that needs to be closely watched as the November election approaches.