Friday, September 9, 2011

Social Security

If the government is holding onto your money until you retire it is not "secure" anymore than it'd be if you gave it to Tyrone Biggums.  Social Security is a farce. It is a ponzi scheme in which the pool of "investors" is taken at gunpoint.  President Obama claimed during the debt ceiling talks that Social Security payments will be forced to stop if we don't raise the ceiling.  That was pure fearmongering

If the Government was really holding onto my money for safekeeping there'd be a Social Security Trust fund with trillions in it with which they could pay out benefits, right?  Is Obama acknowledging that there is no trust fund, that it's all smoke & mirrors, or is he playing politics and lying about there being no money to pay benefits come August 3rd?

What we do know about Social Security is this.  Outgoing payments currently exceed incoming revenues.  Imagine you have money in the bank but are spending more than you're putting in, with the gulf between the two projected to only increase over time.  What happens to the money you have in the bank?  It disappears as time goes on.  That's where we are right now.  Social Security is insolvent. (PDF!)

Rick Perry points out the truth, says it like it is and people go apeshit.  People talk about "saving" social security.  It is a legalized ponzi scheme.  Either you cut it off now and hurt some people or you wait until the entire system collapses on itself, which is inevitable.  You cannot "save" or fix a system that was not built on sound economic principles to begin with.

2 comments:

FightinBluHen51 said...

Yet...the children in the political room (read Romney, Karl Rove, Dick Chaney, and other Blue Blood Country Club Repubics) say that this shouldn't be the language coming from a potential nominee.

I say, Fugg'em.

Right now...3 people working pay for 1 retiree. That number drops to 2.1 over the next decade. After that? Pure Fugly!

I know that our parent's generation might be pissed off that we tell them "no mas" but tough noggies! The greatest generation AND the boomers screwed this pooch...let them take the medicine too to fix it. I'm sorry that they were sold a lie, but that is what happens sometimes.

Old NFO said...

They need to pay back all the IOUs since Johnson, then SS would be FAT!