by Karl Denninger
“Note this one well folks: “Medicare, the government health plan for seniors, will exhaust its principal trust fund five years sooner than previously thought, which could heighten pressure on the White House and Congress to change the program as part of deficit-reduction negotiations.” Wait a second.... didn't we just hear this from Timmy about the need to borrow more money? "If the United States were forced to stop, limit or delay payment on obligations to which the Nation has already committed - such as military salaries, Social Security and Medicare, tax refunds, contractual payments to businesses for goods and services, and payments to our investors...."
Busted jackass. Tim Geithner just admitted in writing that there is no trust fund - there is no money - the Government in fact blew every last penny of it. You, America, have been serially lied to about these so-called "trust funds." THEY DO NOT EXIST.
Anyone - and I repeat anyone - who believes there is a "trust fund" or that there is one thin dime set aside by the government to cover Social Security and Medicare after you were just told, in black ink by the Secretary of the Treasury that there is not deserves exactly what they get.
You, the American people, have been robbed. I and a few others have been trying to warn you of this for years and have been laughed at. Tim Geithner has now admitted in black letters that what I've been saying for years is, in fact, correct.”