Monday, August 29, 2011

Social Security IS A Ponzi Scheme

The left wing, lame stream media goes crazy whenever anyone criticises, or otherwise calls into a question a big government program.   No programs are more sacred to Socialists than Social Security and Medicare.   So, when Governor Rick Perry, Republican candidate for the Presidency, referred to Social Security as a Ponzi Scheme, Socialists in the media went into a frenzy of rabid denouncements.   The fact is that Social Security IS the biggest Ponzi Scheme in world history.   Baby Boomers have paid in trillions of dollars in the last 40 or more years assuming that the money would be there to help fund their retirements.   Some of this money went to fund out sized Social Security benefits for their parents, the disabled and minor children, way beyond what was ever paid into the system by the "Greatest Generation" of World War II fame.

Even so, there were billions of dollars in surplus that should have gone into a "lock box" in the Social Security Trust fund.  Those monies should have been invested in bonds and other mutual funds to provide for Baby Boomer retirements.   But that is not what happened.   Instead,  beginning in 1965, politicians of both political parties raided the Social Security Trust Fund to pay for both new entitlements (Lyndon Johnson's  Great Society Programs) and various war.   In other word, Baby Boomers paid for Guns and Butter.   The Social Security Trust Fund was given federal government IOU's for this money.   Of course, since the federal government has amassed a National Debt of nearly $15 trillion to date, those IOU's are not worth the paper they were written on.  

75 million Baby Boomers are now retiring at a rate of 10,000 a month.  Unless younger people pay considerably more in Social Security and Medicare contributions each month,  Social Security and Medicare will both be bankrupt in the next 15 years.    The money will not be there to pay these benefits because politicians stole it in the last 46 years to buy votes to stay in power.  The Social Security Ponzi Scheme, the largest in World History, makes Bernie Madoff's two billion dollar Ponzi Scheme look like chump change.   Yet, Madoff is in prison and many of our elected representatives, that perpetrated this theft, are still in Congress and the White House.    Go figure.

So when Governor Rick Perry calls Social Security a Ponzi Scheme,  Perry has it exactly right.   Socialists can scream all they like; but cards talk and numbers don't lie.   We have to take back our country in 2012 and 2014 by sweeping these Socialists, supported by the lame stream media, including Obama, out of office.   We need to elect straight shooting Conservatives who speaks the truth.  Governor Rick Perry of Texas packs a gun both literally and verbally.  The truth may hurt; but it is still the truth.   Social Security is the biggest Ponzi Scheme ever perpetrated in world history.  It is what it is.      

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