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?
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