For the past thirteen years I have been trying to alert the public to
the great Social Security theft. Over a 30-year period, the government embezzled $2.7 trillion from the
Social Security trust fund and spent the money for wars, tax cuts for the rich, and other government programs.
As a result, the money is gone. The trust fund does not hold any real assets. The
government IOUs in the trust fund are not marketable bonds. They cannot be used to pay benefits, and they
cannot be converted into cash.
When I first discovered the Social Security scam, in early 2000,
I thought that once I got the story out to the news media, it would soon become breaking news. I was shocked
and outraged that the government was embezzling Social Security revenue and spending it for non-Social Security purposes,
and I thought everyone else would be outraged.
What I soon came to realize is that freedom of speech and freedom of the press
in this country are a lot less free today than I thought they were. Today’s media is very different
from the media of the 1970s, which helped to bring Nixon down during the Watergate scandal. The CBS firing
of Dan Rather, for reporting a story that the White House did not want reported, marked a sharp turning point in the history
of American journalism.
Many journalists have become “job-scared,” and they do not want to
do anything that might threaten their job security. The rule that most journalists seem to follow is “Don’t
report anything that the government might not want reported.” The government has managed to keep
the Social Security scam from becoming public knowledge for three decades, and they are determined to prevent the people from
ever finding out.
sad fact is that the mainstream media report the news that the government wants the public to know about, and very little
else. The public has both a right and a need to know about the embezzlement of $2.7 trillion from the Social
Security fund. If this truth ever comes out, the American people will become so angry that the government may be forced to
replace the stolen money.
Most Americans rely on the government to keep them well informed about the current
status of Social Security, and the government continues to deliberately mislead the public. We have reached
a point where the cost of paying full Social Security benefits is greater than the total Social Security tax revenue.
Thus the government has to borrow money to make up for the shortfall. The gap between Social Security tax revenue and
the cost of paying full benefits, will become larger and larger as more and more baby boomers retire.
not that what I have been saying and writing about for the past thirteen years originated with me. People
in authoritative positions have been saying the same thing for nearly a quarter century. Consider the following
statements all of which represented an attempt to expose the Social Security fraud years before I even knew about it.
the most reprehensible fraud in this great jambalaya of frauds is the systematic and total ransacking of the Social Security
trust fund in order to mask the true size of the deficit
The public fully supported enactment of
hefty new Social Security taxes in 1983 to ensure the retirement program’s long-term solvency and credibility.
The promise was that today’s huge surpluses would be set safely aside in a trust fund to provide for baby-boomer
retirees in the next century.
look again. The Treasury is siphoning off every dollar of the Social Security surplus to meet current operating
expenses of the Government.
The hard fact is that,
in the next century, the Social Security system will find itself paying out vastly more in benefits than it is taking in through
payroll taxes. And the American people will wake up to the reality that those IOU’s in the trust
fund vault are a 21st century version of Confederate banknotes—Senator Ernest Hollings (D—SC),
Senate speech October 13, 1989.
is are we as a country violating a trust by spending social Security trust fund moneys for some purpose other than for which
they were intended. The obvious answer is yes…During the period of growth we have had during the
past 10 years, the growth has been from two sources. One, a large credit card with no limits on it, and,
two, we have been stealing money from the Social Security recipients of this country…—Senator
Harry Reid (D-NV) Speech on Senate Floor, October 9, 1990
no stocks or bonds or real estate in the trust fund. It has nothing of real value to draw down.—David
Walker, Comptroller General of the GAO, January 21,2005.
under both Republican and Democrat control, both Republican and Democrat presidents, have stolen money from Social Security
and spent it. The money’s gone. It’s been used for another purpose.—Senator Tom Coburn
(OK) Senate speech. March 16, 2011
“It’s not like there’s money in Social
Security or Medicare. The government, over the last 30 years, has spent.it all.”—John Boehner,
Speaker of the House, on ABC’s This Week, October 6, 2013.
of the tongue, such as the above examples, the truth about the empty Social Security trust fund has been stated many times
over the past quarter century. But the news media always fails to pick the ball up and run with it.
Each of these statements should have been breaking news stories at the time. Certainly John Boehner’s
October 2013 statement that “There is no money in Social Security” because, “The
Government has spent it all.” should have been reported widely by the media. As Republican
Speaker of the House, who is advocating cuts in Social Security benefits because the government has spent all the Social Security
money, his open admission on national TV that the government has spent all the Social Security money should have been reported
by every media outlet that covers national news.
When, Senator Tom Coburn publicly confessed that
he and his fellow members of Congress had “stolen money from Social Security” and said
“The money’s gone,” I was excited. At first, I
thought my long struggle to expose the Social Security theft might be over. Surely, reporters would not
allow this powerful admission to go unreported. This was shocking news that every American needed to hear.
And it was a story with potential legs. It was so shocking that every news reporter in the country
should have wanted a piece of the action. Once this news story was widely reported by the media, it would
have unleashed the fury of the 76 million baby boomers, whose money had been stolen. At least, that is
what I thought would happen. But it didn’t happen. Why?
A United States Senator
had publicly confessed to a major crime against the American people, and he had implicated other members of Congress in the
crime. By any measure of what is, and is not, newsworthy, this story should have been highly publicized
throughout America. Every American, who follows the news closely, should have had the opportunity to know
about it. But it appears that something like Adam Smith’s giant invisible hand must have intervened
to muzzle the entire news media of this country. Only a tiny portion of the American public had any opportunity
to read and digest what could have been the beginning of a huge national scandal.
Senator Coburn was “speaking
out of school.” He got carried away during that Senate speech and let the cat out of the bag. We
can be almost sure that Coburn was severely chastised by his colleagues, and party leaders, for bringing up an issue that
the public was not supposed to know about. Coburn clammed up about Social Security, after putting his foot in his mouth in
that particular speech.
Where were the investigative journalists who should have investigated to see
if what Coburn had said was really true? If the government had stolen Social Security money, there must
be evidence that could be used to prove it. But apparently no newsman wanted to find out. The
news-reporting system developed a mass paralysis, and failed the American public, at a time when there was an opportunity
to expose 30 years of government malfeasance and inappropriate secrecy.