Enormous loss of freedoms hasn't been the only result of the Covid dystopia. It's also been quite expensive. Certainly, the lockdowns and subsequent restrictions have destroyed huge amounts of existing wealth and wealth that was never created due to these interventions.

The government has tried to paper over the disaster it caused with bailouts and handouts. As a result, the national debt has gone up by 36% in just two years. In 2019, it stood at about $22 trillion. As of last month, it has crossed the $30 trillion threshold.

That's right. It took over 200 years to run up $22 trillion in debt and just two years to run up an additional $8 trillion.

Not to worry, says CUNY economist J.W. Mason. $8 trillion of that is just money "we owe ourselves." He is referring to treasury bonds the government issues for its "trust funds" for entitlements like Social Security.

Economists talk about the Social Security “Trust Fund” and politicians sometimes even demagogue about their colleagues “robbing the trust fund.” But once you understand what the so-called trust fund really is, there is plenty more to be angry about than politicians supposedly robbing it for other government programs.

Prepare to get plenty angry once you listen to today's episode. You may have heard passing references to Social Security being a Ponzi scheme, but once you really understand the way it is financed, you won't have any doubt.

The program is so outrageous on its face that when I wrote an article on this subject several years ago, I ran it by the late, great Walter Williams just to make sure I wasn't missing something myself. He was kind enough to review and approve it for me. There is a link to it on the show notes page.

It's a little like the Federal Reserve. People tend to look past it because they think it's too complicated to understand. It isn't. As Ron Paul wrote about the Fed in The Revolution, "If you think that's fishy, then you understand it just fine."

It's much the same with Social Security and its trust fund.

Truly, the only scam bigger is the Federal Reserve System, which I break down in my latest book, It’s the Fed, Stupid. If you haven't already, download a free e-book copy here.

It’s also available in paperback here. It’s priced at a pre-hyperinflation level so grab a few copies for friends if you can.

It makes a great introduction to the government’s most economically damaging institution for liberals, conservatives, libertarians, socialists, and independents alike.

It also helps me keep the lights on here so I can continue to bring you great content.