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25.1.05

Ron Paul and Ponzi schemes

Clearly, anybody not scared to call the truth as it is will admit that social security is and has always been an income redistribution scheme.

Here are the most important sentences from this week's column:
  • In the 1930s, Social Security was presented to the American people as a social insurance program, with individuals paying a monthly “premium” in exchange for retirement benefits later. It was supposed to be a forced savings program, based on the assumption that some people would be unable or unwilling to save for their older years. Seven decades later, however, the ratio of younger working people to older retirees has changed dramatically, exposing the Ponzi-like congressional raid on the system itself. What has not changed, however, is our willingness to accept the notion that the government should force us to save for our older years.

    Notice that neither political party proposes letting people opt out of Social Security, which exposes the lie that your contributions are set aside and saved. After all, if your contributions really are put aside for your retirement, the money will be there earning interest, right? If your money is put away in a trust fund account with your name on it, what difference would it make if your neighbor chooses not to participate in the program?
Clearly, Congress could pay the SS obligations if it would just cut other spending programs. Also just as clear to me is the fact that no SS trust fund exists with any real funds in it. Rather, the money is spent as soon as it comes in, and every Congress for decades has been complicit in the coverup of one of the largest scams ever hoisted upon the American people by our government.