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US Social Security Ponzi Scheme

Discussion in 'U.S. Politics' started by chestnut, Mar 17, 2009.

  1. chestnut

    chestnut Well-Known Member

    Oct 21, 2008
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  2. Little-Acorn

    Little-Acorn Well-Known Member

    Jan 23, 2009
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    San Diego, CA
    Chestnut, EXCELLENT catch! LOL!!!!!

    And, shouldn't we also be able to do to the people running this Ponzi scheme, the same thing that's being done to that other guy running that Ponzi scheme that's been in all the papers? Bernie somebody?

    He deserved it. Why don't they?


    BTW, take a moment to add up all the "contributions" you've made to Social Security over your working life. Plus the matching contributions your employer made.

    Then, work out what would have happened, if you'd made those contributions to a typical private retirement fund over the same years, instead. One that pays, say, 7% interest on its deposits (pretty typical).

    Then figure out how much SS would pay you once you retired at, say, age 65, and lived to the age of maybe 85. (Answer: Bare subsistence, and your kids get practically nothing after you die.)

    Finally, figure out how much would have been in that private account once you retired at 65 and lived to 85.

    (Can you say, "millionaire"? Can you say, "Living comfortably on just the interest FOREVER without ever touching the principal"? And "Later willing the entire million-plus to your kids"?) You'll find this true despite the occasional crashes in the stock market, such as the Great Depression or the recession we're in now.

    The people who invented Social Security, and the people who push it today, have dispossessed more millionaires than any robber baron, world war, or depression in the history of the planet. What Bernie Madoff did, is chump change by comparison to what Social Security has done to the American people.

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