Reply To: What exactly is an unfunded liability?


Sons of Liberty,

The answer to your first question according to Gary North (in the link Jeff Herbener provided above)

1. What are the IOUs in the Social Security Trust Funds? Government bonds?

“There is no trust fund. The trust fund is a pile of IOUs from the Treasury….”

Do you doubt it?

I don’t.

I “retired” about two years ago. I own an interest in a business and I am still on the payroll for more than my and my wife social (in)security payments, so you could say I took Gary North’s advice from the 1st link in Jeff Herbener’s post above.