While We Slept, Congress Looted Our Social Security
Letter to the Editor:
High Social Security payroll taxes have contributed to yearly Social Security Trust Fund surpluses until the proclaimed surplus is now in excess of $2.42 trillion. However, Congress has elected to sacrifice Social Security on the alter of corruption by spending the entire surplus requiring the U.S. Treasury to cover the embezzlement by issuing non-negotiable IOU bonds to the Trust Fund. Such economically irresponsible and morally reprehensible behavior by the politicians demonstrates total disrespect for working people.
Congress must now determine how to legally fund the IOU bonds when they mature. The choices are to increase taxes, sell legitimate T-bonds, or monetize the debt. It is doubtful China will buy additional T-bonds so Congress will select the easy way out and ask the Federal Reserve to create money out of thin air. Of course, debasing the currency means that the dollar becomes a peso and your Social Security check will only buy some coffee beans or at best, a bowl of java.
After a long string of yearly Social Security program surpluses, the program will soon start showing a deficit, thus our gold hoard in Fort Knox should be distributed to future Social Security recipients. Congress will scream out a refusal claiming that it will doom Social Security. What really frightens them is that we will gain control of both our Social Security program and the gold in Fort Knox. Then let the politicians destroy the dollar!
In the future when the Social Security eagle takes off on its monthly mission what would you rather receive in your hand; a gold coin, a worthless Federal Reserve note or an IOU? The choice is yours.
- Robert A. Dahlquist, Orange, CA