Analysis of the Deficit, Fiscal Cliff, and US Debt
Raiding the Fake Social Security Trust Fund…To Fund Another Fake Social Security Trust Fund??
Just read this…about how the chief actuary Social Security Stephan Goss is planning to raid one fake social security trust fund to fund another fake trust fund with some awesome accounting voodoo(actually…a 2 line journal entry ought to be all it takes). I wrote a while back about the “Trust Funds” at Seeking Alpha in “Are Intragovernmental Holdings Real Debt” In my opinion…they simply don’t exist….they are just a figment of a government accountant’s imagination…and these shenanigans further reinforce that in my mind. To me…all they represent is the balance of funds already stolen and spent…nothing more. The sooner we accept that…the better.