For Social Security to be financially sound, the federal government should have $100 trillion - a sum of money six-and-a-half times the size of our entire economy - in the bank and earning interest right now. But it doesn't. And while many believe that Social Security represents our greatest entitlement problem, Medicare is six times larger in terms of unfunded obligations.
No government can provide social security. It is not in the nature of government to be able to provide anything. Government itself is not self-supporting. It lives by taxation. Therefore, since it cannot provide for itself but by taking toll of what the people produce, how can it provide social security for the people?
This debt crisis coming to our country. The wall and tidal wave of debt that is befalling our nation. Medicare and Social Security go bankrupt within ten years, we have a debt that is looming so high that in the last year of President Obama's budget just the interest payments on our debt is $916 billion dollars.
But here's what I would tell people of my generation. I turn 40 this year. There isn't going to be a Social Security. There isn't going to be a Medicare when you retire. Forget about what your benefit is going to look like. There isn't going to be one if we don't make some reforms to save that program now.
Medicare will usher in federal programs that will invade every area of freedom as we have know it in this country.
Madoff's scam was small compared to Ponzi schemes the government itself runs: Social Security and Medicare.
Do we really want the people who created $40 trillion of unfunded liabilities in Social Security and Medicare in charge of our health care? Faceless bureaucrats, power-lusting politicians, and people spending other people's money are a recipe for disaster.
Counting obligations under Medicare and Social Security, the real debt of the United States is more than 10 times the reported national debt.
Hillary Clinton has pledged amnesty in her first 100 days, and her plan will provide Obamacare, Social Security, and Medicare for illegal immigrants, breaking the federal budget.
Thanks to decades of accumulated federal budget deficits and, more significantly, imprudent Medicare and Social Security policies, we've stolen almost $60 trillion from our children.
Indeed, I think most Americans now know that in 1935 when Social Security was created, there were some 42 Americans working for every American collecting retirement benefits.
The full retirement age is 67 and the lifespan is 80, so when they first conceived Social Security, they didn't think they were going to be paying benefits for 13-15 years. That's one of the reasons why this pyramid scheme isn't working.