Commentary by Michael Swickard - The presidential election heated up when Rick Perry correctly labeled the financial structure of Social Security to be the same as a Ponzi scheme. Other candidates cursed quietly to themselves that they had not told the folks back home the bad news because the folks back home might blame them for the problem.Social Security became a Ponzi scheme in the late 1960s. The other presidential candidates were caught not telling the truth about Social Security. They in mass politically attacked him. Each crossed their fingers and shouted Social Security is as solid as the Rock of Gibraltar. But their voices quivered and their eyes rolled wildly. Each knew it was a huge lie and a day of reckoning was coming as they always do for Ponzi schemes.The good news is that little by little some of the candidates are grudgingly admitting that Rick Perry is right about Social Security. As quick as a flash, though, out of the other side of their mouths many say that people should not worry since full disclosure of the Ponzi scheme will not be made on their watch. So much for telling the truth.Is it a Ponzi scheme? Yes, because the money paid by each person into Social Security is not put in an annuity account in their individual names; rather, the sum total of the money is entirely consumed each year, some on Social Security and the rest in the general budget. None of their money is saved. Metaphorically a piece of paper is put into the donor’s account telling the next generation to tax themselves to pay this account since this person’s money has already been spent.
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Swickard: A nation with serious financial structural defects
Commentary by Michael Swickard - The presidential election heated up when Rick Perry correctly labeled the financial structure of Social Security to be the same as a Ponzi scheme. Other candidates cursed quietly to themselves that they had not told the folks back home the bad news because the folks back home might blame them for the problem.Social Security became a Ponzi scheme in the late 1960s. The other presidential candidates were caught not telling the truth about Social Security. They in mass politically attacked him. Each crossed their fingers and shouted Social Security is as solid as the Rock of Gibraltar. But their voices quivered and their eyes rolled wildly. Each knew it was a huge lie and a day of reckoning was coming as they always do for Ponzi schemes.The good news is that little by little some of the candidates are grudgingly admitting that Rick Perry is right about Social Security. As quick as a flash, though, out of the other side of their mouths many say that people should not worry since full disclosure of the Ponzi scheme will not be made on their watch. So much for telling the truth.Is it a Ponzi scheme? Yes, because the money paid by each person into Social Security is not put in an annuity account in their individual names; rather, the sum total of the money is entirely consumed each year, some on Social Security and the rest in the general budget. None of their money is saved. Metaphorically a piece of paper is put into the donor’s account telling the next generation to tax themselves to pay this account since this person’s money has already been spent. Read column
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1 comments:
Ron Paul has been calling social security a ponzi scheme for years. Rick Perry does a lousy imitation of Ron Paul. But then you do not need to be a good imitator to attend Bilderburg, you just need to be obedient to the cause(s)...Gardisil vacination mandate for girls...Texas campaign manager for Al "carbon tax" Gore...NAFTA Highways...and so on.
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