Yup that's right "bankruptcy" ... but I guess they don't call it that when you can print money. If you or I did it, it would be called counterfeiting. But when the government does it, it's called currency. But it's also called fiat money ... that is money that is issued with no backing and no tangible goods associated with it besides the good will of the government and the willingness of people to take it. But for how long?
CHECK IT OUT
The Social Security Board of Trustees reported Tuesday that costs will exceed revenues in 2016 — a full year sooner than expected just last year. And total assets — including more than 70 years of "surpluses" built up in the "trust fund" — will be completely gone by 2037 — four years earlier than in last year's report.
Tuesday, May 12, 2009
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