Modern Monetary Theory (MMT) posits that National Debt is not a concern because the Government can’t go bankrupt, but that depends on how one defines bankrupt and what currency and capital are being reviewed…
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Audio Special Thanks:
Readers! Do You Read by Chris Zabriskie is licensed under a Creative Commons Attribution 4.0 license. https://creativecommons.org/licenses/by/4.0/
Artist: http://chriszabriskie.com/
In this video, we go back to beneficiary number one, Ida May Fuller, to show how she and many Americans earned their Social Security entitlements and why the structure of the program suggests it is a legal Ponzi Scheme. This information shouldn’t be considered right or wrong, it should just be considered as the Baby Boomer Generation continues to claim entitlements at a rate of 10,000 per day until 2030, and the Trust Fund is drawn down from $2.8 trillion to zero between 2023 and 2030. At the end of this video, I present a solution to not have to cut benefits by 22% as the Social Security Act currently requires by law.
Sources:
IRS Ida May Fuller Article: https://www.ssa.gov/history/idapayroll.html
Social Security Act: https://www.ssa.gov/OP_Home/ssact/ssact-toc.htm
Social Security Annual Reports: https://www.ssa.gov/oact/tr/
Social Security Amendments of 1983: https://www.govinfo.gov/content/pkg/STATUTE-97/pdf/STATUTE-97-Pg65.pdf
FY21 Report of the US: https://fiscal.treasury.gov/files/reports-statements/financial-report/2021/fr-02-17-2022-(final).pdf
The final video of a three-part series on how to fix our Federal Individual Tax System. In this video, we throw out the old system and replace it with a Unified Federal Flat Tax System that just might be the key to saving our democracy and finally solving our National Debt Problem.
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Source:https://www.irs.gov/pub/irs-prior/p1304--2021.pdf
Special thanks for audio to:
Jacques Offenbach - Can-Can