Letter: While asleep, Congress looted Social Security
High Social Security payroll taxes have contributed to yearly Social Security Trust Fund surpluses until the proclaimed surplus is now in excess of $2.14 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 irresponsible and reprehensible behavior should alert voters that no member of Congress has the integrity to be our president.
In the future, Congress must determine how to legally fund the IOU bonds when they mature. The choices are increase taxes, sell legitimate T-bonds or monetize the debt. Congress will select the easy way out and ask the Federal Reserve to crank up the printing press and 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.
Currently, the yearly program surplus is about $180 billion and to save Social Security, the yearly surplus must be invested in precious metals so that future Social Security recipients receive something of value. Yet, Congress will scream out a refusal claiming it will doom Social Security.
What really frightens them is that we will gain control of our Social Security program and they will lose a cash cow.
Any presidential candidate that proposes an immediate Social Security tax increase will expose their motive to increase the size of the cash cow for current spending.
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