- Feb 12, 2007
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Social Security Rip Off - Recent studies showed that some retirees need social security to avoid poverty - 12% of them. The other 88% simply get to improve their lifestyle at the expense of working folk who support this Ponzei scheme. In fact, about $100 billion annually goes to retirees who make more than the average household income - a huge transfer of wealth from young to old and sometimes from the poor to the wealthy.
While there is a fair amount of truth in the OP, this one I gotta question. If the Fed' don't wanna pay the SS for which they have taxed me for the past 40 years, fine......BUT in that case I expect my money back with T-bill interest. From who's pocket is the money for that 'bailout' to come????? I suggest a Treasury issue of new currency once the Federal Reserve is abolished and its illgotten assets confiscated.
BTW a 10 - 15 year complete freeze on third world immigration would do far more for the struggling young worker than would cheating his parents/grandparents of their social security.
You need to read up on what Social Security is. It was put in place as retirement income insurance. The social contract was that if one paid in, one would later receive benefits. It is a Ponzi scheme given how the government has increased benefits far beyond CPI levels and used the earlier surplus contributions to fund other parts of the government. But the payees have a valid claim to get their benefits as that was the deal the government made.
Sadly, if that money had gone into individual accounts and invested properly (as is doen in Chile), we wouldn't have the looming insolvency nor the huge transfer of income from the young to the old.