“We will always protect Social Security, Medicare!” says President Donald Trump.
That would be nice.
But when I look at these programs’ balance sheets, I don’t see how he’s protected anything. Both Social Security and Medicare are on track to run out of money.
Politicians mostly ignore the problem. Worse, progressives like Sen. Bernie Sanders and Rep. Alexandria Ocasio-Cortez say, “We’re going to expand Social Security benefits!”
That’s just irresponsible.
My new video points out what we’ve known for years: these programs are unsustainable.
The problem is that people like me live longer. We like getting monthly Social Security checks and medical care that appears free.
Since we vote more consistently than others, politicians don’t want to make us mad by cutting our handouts.
My fellow geezers say, “Social Security is not a handout! I contributed to the ‘trust fund’ every year. I’m just getting back what I paid in!”
But that’s not true. Today, most of us get back much more than we paid in.
In 1935, politicians created the handout, saying, even if you don’t save for retirement, government will save for you.
But that was another political lie. They didn’t create individual retirement accounts. They didn’t save our Social Security payments. They spend every penny as it comes in.
It’s why Social Security is like a Ponzi scheme.
Bernard Madoff went to jail because he used new investors’ money to pay old investors. That’s exactly what our government does.
Few Americans realize it.
“What happens to the money?” I ask people on the street.
“It’s held in trust,” said one woman.
It isn’t.
