THE SOCIAL SECURITY ponzi scheme. will it be there for you?

[rainstorm]

if are in your 30's and younger, forget it.


DEMOCRATS CAN'T HANDLE THE TRUTH FROM GREENSPAN

Finally the truth has been spoken: Social Security, in its current form, cannot be sustained. Federal Reserve Chairman Alan Greenspan warned a House Budget Committee that because of the budget deficit and the retiring baby boomers, future cuts in Social Security and Medicare will be needed to prevent tax increases that would damage the economy. Since this is unacceptable to the Gimme Generation, Democrats immediately went into hysterics.

But Greenspan is absolutely right. People need to get it through their thick skulls that Social Security is broke. There is no trust fund. The lockbox is empty. Current beneficiaries are paid off by later ones. In private business, this is called a Ponzi scheme, and they put people in jail for it. What is being perpetrated on the American people with Social Security is so fraudulent, it makes Enron look like a bike ride.

Right now, as you read this, Social Security is $26 trillion in debt. President Bush has proposed allowing younger workers to invest part of their own Social Security money, but this is just a half-measure. The program needs to be privatized as soon as possible. Under a private system, beneficiaries would see a dramatically higher return on their investment than the current system. As it stands now, you will get far less from Social Security than you put in when you retire.

Remember: there is no Social Security fund waiting for you when you retire. It's all a big lie.


social security is a fraud. lets see, as i predicted, they will cut benefits, raise taxes, and raise the retirement age. why would anyone want to continue this system?

"investment than the current system. As it stands now, you will get far less from Social Security than you put in when you retire."
a telling quote. very few people get back what they had confiscated from them in ss taxes. if a private company did this to you, they would be prosecuted for fraud and incompetence.
i guess you can always just keep letting the govt take your money and hope the retirement age isnt 100. lol!!
simple answer, any money you allow the govt to take from you in ss taxes, goes into an account with your name on it. that way the money belongs to you.

[george_r_1961]

Ive been paying into this now for 25 years and have another 24 years till I retire. Our great government needs to do whatever is needed to make sure everyone who is entitiled to SS benefits collects them...or they need to stop taking deductions for it.

[bfez1]

Ive been paying into this now for 25 years and have another 24 years till I retire. Our great government needs to do whatever is needed to make sure everyone who is entitiled to SS benefits collects them...or they need to stop taking deductions for it.

I'll second that, George!!!

[rainstorm]

Ive been paying into this now for 25 years and have another 24 years till I retire. Our great government needs to do whatever is needed to make sure everyone who is entitiled to SS benefits collects them...or they need to stop taking deductions for it.

I'll second that, George!!!

privitization is the only answer

[Stephanie]

Uh, I think that the Republicans weren't too happy about the announcement as well.

What Greenspan has said is nothing that hasn't been said already.

[bfez1]

privitization is the only answer

???? what do you mean???

[sunnyday]

What a shame that this has happened to social security.

[streetsoldier]

This scares me greatly. I've been 100% disabled since 1982, and I'm unable to work at all...we depend on my SS disability to survive.

They have cut my benefits several times over the years, usually the "reason" being some elusive "overpayment". This year, my wife's dependent's benefit will be terminated as of 3 JUN 04, when coppertop turns 16; his, of course, will be cut when he turns 18 in JUN 06 (or, if he attends colllege, 22).

I don't like being on the public dole, but I have NO other alternative...and, although this won't change my vote in November, it is worrisome.