The Government Pulls a Bernie Madoff on Social Security and Lays Out the Sad Truth

When Bernie Madoff realized he could no longer meet all the demands of his investors that wanted their money, he walked into the offices of the SEC and admitted as much.

The government has just pulled a Madoff. They have admitted that they don't have the money to pay everyone out they have promised to pay out via Social Security. Specifically, those under 30 are going to get really screwed.

Business Insider's Bruce Kasting explains how bad the situation is, but keep in mind that this is based on CBO projections, and there is no chance the CBO has run the truly negative scenarios, where the government can't pay its Treasury debt--which is mostly what the Social Security Trust fund holds. Factor that in and the odds drop for everyone that they are going to get paid in full : (more)