Social Security a “Shell Game, There Is No Money in the Trust Funds” Says Head of Accounting Think Tank

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New American: Sheila Weinberg, the founder of the non-partisan think tank Truth in Accounting (TIA), spoke the truth. In an interview with the Epoch Times on Thursday she said, “Our bottom line is the [Social Security] trust funds are all a shell game; there is no money in the trust funds.”

“The rich rules over the poor,
And the borrower is servant to the lender.” Proverbs 22:7

What resides in those trust funds for Social Security and Medicare are debt securities. The “premiums” workers have been paying in are immediately spent to fund the government, but to keep the scam from blowing up, the Treasury Department issues IOUs to the Social Security Administration — promises to redeem them at some undetermined time in the future.

These are not assets. They are liabilities.

Weinberg, who founded Truth in Accounting (TIA) 20 years ago, explains that “the federal debt [estimated currently at $28 trillion] only tells us what the government owes the public. It doesn’t take into account what’s owed to seniors, veterans and retired [government] employees.”

According to TIA, the real federal deficit exceeds $133 trillion. Read More …