Because that money was spent and the "lock box" was stuffed with IOU's in the form of treasury notes. Now these treasuries could be redeemed, of course, but who would have to pay them? The federal government, of course, and if they don't have any funds, then they won't be paying on no stinkin' bonds.

It's been nothing but smoke and mirrors for decades and it's now getting to the point where the curtain is going to come down and the man behind it isn't going to be pretty like James Franco.