July 19, 2004

The Social Security trust fund now stands at $1.6 trillion ($1,624.5 billion) and, at the same time, accounts for 22.3 percent of the national debt.

Not one presidential or congressional candidate and not one member of the Bush administration or the former Clinton administration is asked to explain how this has happened. Payroll taxes have been more than enough to deliver checks to more than 40 million retirees precisely on time the third day of every month and yet we keep ending up with an ever increasing debt.

Debt is debt. It's not a positive asset. And there's no one to pay off this tab except the American taxpayer.

What kind of public, government operated, insurance program is it that charges its members more than necessary, makes a profit, and gives its beneficiaries debt in return?

The answer to that is – a crooked program – embezzlement and fraud of the highest order. Crime that makes Enron, WorldCom, Arthur Andersen, and private sector crooks look like amateurs.

Do you want to talk about conspiracies? Think of 536 members of Congress, a list of Presidents and cabinet members that go back to at least 1983, trustees, judges, accounting offices like the GAO, CBO, and OMB, then add in all of the so-called "watchdog" groups like the Coalition for a Sound Economy, the Wall Street Journal, and all the loyal media people that supposedly ask "the hard questions," give you "news you can trust," but refuse to ask how we incurred this debt and you've got the greatest conspiracy that ever existed. Either that or all these people are just plain dumb.

What's going to happen if and when the day comes when this debt has to be paid off? Do you think there are any honest people that will stand up for the taxpayers?

And Social Security is just the tip of the iceberg.

There are at least twenty-three other entitlements that are in the same boat as Social Security and you, the taxpayer, are being double taxed for some of these right now, today, as you read this.

The Unemployment trust fund that came into existence from surplus taxes paid by employers once stood at $91.6 billion. The U.S. Treasury reports that as of June 30, 2004, this trust fund has been reduced to $43.9 billion. That means that taxpayers like you and me have paid $47.7 billion to cover shortages in current receipts. Because of high unemployment in the last three years, we replaced the surpluses employers paid previously and the government stole to spend elsewhere.

If the money to cover shortages didn't come out of our personal income taxes, it was borrowed from investors (like China) so that our children or grandchildren can pay it later.

We paid $970 million in June alone because taxes from employers were not enough to cover unemployment payouts. And this while the government tells us the economy is booming.

This year we've already paid $6.4 billion for highways to replace extra gas tax money we paid before but the government stole and spent somewhere else.

This one ought to really rile you. So far this fiscal year, we've paid $23.9 billion to cover payouts to the Federal Employees Retirement System (FERS) because the government isn't charging its own employees enough to cover payments to those already retired. Don't you wish there was someone besides yourself to guarantee your retirement?

Similarly, we've paid $11.2 billion to cover withdrawals from the Military Retirement trust fund.

Thankfully, the airlines are beginning to do better by flying less and flying smaller planes. We've only paid $3.3 billion this year to cover surplus taxes stolen.

These are just some examples of the double taxation happening today. There are 25 entitlements in total being robbed. Social Security is just the largest.

The entire Intragovernmental Holdings portion of the national debt is fraudulent and most of it held by entitlements. About seven percent of it is held by something like 121 smaller trust funds set up as perks for the government. Simply name a trust, deposit some bogus nonmarketable bonds in it, and then withdraw whatever is needed from the general fund of income taxes and borrowing.

One of the largest funds in this smaller portion of the scam was $88.6 billion held by the Gift Fund for the State Department that simply disappeared last year. Want to bet that it went for the invasion and to buy the coalition of the willing?

Are you starting to see why the government ran up the national debt $555 billion last year and is heading for the $700 billion mark this year?

In closing, let us not forget the annual interest paid these phony trust funds by simply handing them more bogus bonds. So far this year, the annual interest paid the Social Security trust funds equals $68.1 billion. Have some more debt.

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