The following is taken from the Gaston Gazette in North Carolina.
I find perspectives such as this darkly funny. They display a complete lack of understanding of the system and its funding. Of course, the statements about IOUs are completely false. The fact is the Trust holding US Treasury Bonds has absolutely nothing to do with the fiscal state of the program. Without those funds earning interest, full benefits could not be paid today.
But what is even more amazing is his math and apparently the lack of an editor to check it. The fact is that given the assumptions he presents the accumulated money would be at most one quarter of the amount he expects and using the 4% withdrawal rule would provide a little more than $12,000 a year.