Rep Cong Becerra (D-CA) claims social security IOUs just as good as money

How social security works is best summed up in these few clips from Dumb and Dumber: (click on pic for vid)

With that as a backdrop, check out this segment with Rep Cong Becerra (D-CA):

From a prior post, Pic of the Day: The Only Chart You Need To See To Understand Why The US Is Screwed, for the first time in our history just entitlement spending by itself is greater than all federal tax revenues combined:

There's a simple solution to the problem and I wrote specifically to that effect last August: What we need right now - the "Entitlement Sustainability and Constitutionality Act"

Social Security in deficit for first time. Obama: Social Security 'is not in crisis'

1. Break up social security into 50 pieces. The states would collect the tax for it and be responsible for its long-term viability.
2. Break up Medicare into 50 pieces. The states would collect the tax for it and be responsible for its long-term viability.
3. Stop federal Medicare reimbursements. The states will have to run the program 100% by themselves.
4. Stop federal welfare reimbursements. The states will have to run welfare 100% by themselves.

It's a simple solution, and far easier than messing with the retirement age or raising taxes, but it won't happen for one simple reason: federal politicians abhor parting with graft.