The Truth About Social Security: Part One

Better start putting away more gold and silver coins!

What do you need to do about Social Security?  Simple.  Start putting away more gold and silver coins for the future.

That’s because the Social Security Trust Fund is in deep kimchi.  Simple put, there are no funds.  There is no security.  And don’t even think about trusting it.

Here’s the latest from the new Social Security Trustee’s Report.

Social Security is critical for 70 million beneficiaries and 185 million covered workers and their families this year.  Nevertheless, Social Security’s costs have exceeded income every year since 2021.  Costs exceed income again in 2025.  This year’s deficit is larger than last year’s.

Social Security’s Old-Age & Survivors Insurance (OASI) Trust Fund – that’s the retirement fund – will be depleted by 2033.  

There are two additional points to make, both essential.  The first has to do with shifting demographics.  

When Social Security began there were 160 workers for each retirement recipient.  Today there are only 2.7 workers supporting each recipient.  That is nothing less then a fuse lit on intergenerational warfare.  The load the young bear supporting the aged only gets worse.  It is expected to fall to 2.3 workers per recipient in ten years.  That is because about 2.5 million more baby boomers retire each year.

Finally, Social Security, like Medicare and Medicaid, are benefits that people believe they have paid for, benefits they expect to receive.   We don’t know any other way to tell you this except directly.  THE MONEY YOU PAID IS GONE.  IT HAS BEEN SPENT.  That is why these items are called unfunded liabilities, money the government owes but resources for which are simply non-existent.  They don’t show up in the budget or in national debt figures.  

Congress spent the money to buy votes and to foment phony wars.  It is in our view nothing less than a crime.  Mark Twain was right when he said, ““Congress is the only distinctly native American criminal class.”

This is Part One of The Truth About Social Security.  In our next post, Part Two, we will tell you what to expect Washington do about it.