"No, really, look at what the progressives have done - trapped us into an economic death spiral caused by the biggest Ponzi scheme in history. Thanks progressives!"
As far as Ponzi schemes go, SS is a beauty. It makes Madoff look like an amateur. Current recipients are paid the money by multiple payees. Every generation, there are more recipients due to improvements in life style and health care but there are less people to pay into the system (There were 16.5 workers for each Social Security recipient in 1950. Today there are only 3.2 workers per recipient. According to current projections, in 2030 there will be fewer than 2 workers per recipient). To add more to the problems , there is a social security trust fund filled with IOU's. And the piece de resistance, the payees have to sign up, but the recipients can opt out. Bernie could never compete with that. He had to con idiots into signing up. "Should Social Security go private? . . . Its trust fund is a fraud used chiefly to mask the size of the federal deficit . . . Social Security surpluses now are spent immediately on other federal programs. The trust fund's assets that opponents to change count on are nothing but a pile of federal IOUs. Boomers will have to depend on the generosity of workers to pay thousands more in taxes. Or of lenders to loan the government trillions of dollars at reasonable rates. Or they'll see their benefits slashed a third." -Editorial USA Today May 30, 1996 The truth is that the Social Security Trust Fund has already been stripped bare. There is no trust and no fund. It is a lot like the S&Ls. The savings and loans had a lot of real estate on the books, a lot of property, a lot of shopping centers, a lot of deposits, and everything else, until you looked inside and found out there was nothing there. The assets were mostly on paper.... Meanwhile, the Social Security cupboard is bare. - Senator Ernest Hollings J - The program is designed so that contributions plus interest on the investments of the social security trust funds will be sufficient to meet all of the costs of benefits and administration, now and into the indefinite futurewithout any subsidy from the general funds of the Government. Both the Congress and the Executive Branch, regardless of political party in power, have scrupulously provided in advance for full financing of all liberalizations in the program. - Literature about Social Securit ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Order the Adobe Coldfusion Anthology now! http://www.amazon.com/Adobe-Coldfusion-Anthology/dp/1430272155/?tag=houseoffusion Archive: http://www.houseoffusion.com/groups/cf-community/message.cfm/messageid:332023 Subscription: http://www.houseoffusion.com/groups/cf-community/subscribe.cfm Unsubscribe: http://www.houseoffusion.com/groups/cf-community/unsubscribe.cfm
