Neal Boortz on Socialist inSecurity

boortz.com January 1, 2006 :

"Social Security reform first. There is no doubt whatsoever that the entire Social Security system is in grave trouble.

With each and every day that passes there are more people receiving benefits and fewer people working to pay those benefits. While it's true that what's done is done, we should never miss an opportunity to explain to people that there is no Social Security Trust Fund. It doesn't exist.

For decades -- for generations -- the Democrat-controlled congress, and then the Republican-controlled congress would take every single penny in Social Security taxes and, after writing the checks for those receiving benefits, would spend every single penny that was left on various vote-buying programs. That phony trust fund is nothing but a bunch of congressional IOUs sitting in a grey file cabinet in West Virginia.

In not-too-many years there won't be enough Social Security taxes coming in to cover the benefits going out. Then it will be time to present the IOUs to congress for payment. Where do you think that money is going to come from? You don't actually think that congress will cut spending somewhere to pay those IOUs off, do you? No, of course you don't So what does that leave?

Tax increases. So, if you make over $100,000 a year, get ready to lube up, bend over and grab your ankles. "