Ponzi! Ponzi! Ponzi! – The Truth About Medicare and Social Security
Posted by Conservative Byte, September 14, 2011
Ponzi! Ponzi! Ponzi! There, I said it. To the extent people believe there are trust funds with their names on them, Social Security is absolutely a Ponzi scheme. So is Medicare. People need to hear it.
Many people think that when the government takes payroll tax from their paychecks, it goes to something like a savings account. Seniors who collect Social Security think they’re just getting back money that they put into their “account.” Or they think it’s like an insurance policy — you win if you live long enough to get more than you paid in. Neither is true. Nothing is invested. The money taken from you was spent by government that year. Right away. There’s no trust fund. The plan is unsustainable. Medicare is worse.
Mitt Romney and other Republicans who scoff at Rick Perry shamelessly pander to older voters. They should tell people the truth. Still, I’m not convinced Perry has more than a sound bite. In his USA Today op-ed this week, the most he says is, “We must consider reforms to make Social Security financially viable.”. He doesn’t say what kind of reforms.
Viewer Responses to Ponzi! Ponzi! Ponzi! – The Truth About Medicare and Social Security
Social Security and Medicare was originally set up as a trust fund. The money kept on accumulating until there was billions of dollars in the fund. One day one of our Presidents (I won’t say which one} that since that money was just setting there accumulating, we should put it in the general fund. Social Security and Medicare have been on a downward spiral ever since. Don’t listen to their lies, that money was supposed to be USED ONLY for people on Social Security and Medicare and not for political needs and bonuses.
Paul McDonald says:
Perry is right, S/S and Medicare is a Ponzi scheme. In fact our whole federal government is a Ponzi scheme. Look at how it works . We give them tax money , they give us some money and benefits back. They give a lot of money to organization. Those organization give a lot back to there campaign coffers. The government gives a lot of our money to foreign countries we get nothing back. Now they are crying about going broke and need more money to give away , or they are going bankrupt ! They need more taxpayers to pay into the funds so they can give and receive.
Robert Thomson says:
I do not agree with the “Ponzi” call. The working people have paid 15 percent of everything they earned in their lifetime. The government told them (and if we go back a few decades, people believed what the government said) the money would go into a trust fund, where it would accumulate to pay for retirement when the worker got too old to work. Then the government STOLE the money. That isn’t a Ponzi scheme. It is a criminal act.
Of course it is, but we are not supposed to say so. The SS system never had a prayer as time marched on. However, no one knew what to do about it and all those who have tried, like GW Bush, have been vilified by people who don’t have a clue about SS. It is an unworkable system dreamed up and put into action, in Germany, in the 19th century.
Ron Johnson says:
Both of these programs are worse than Ponzi schemes because it is mandatory that money is withdrawn from your paycheck. All those who die prior to their sixty-second birthday get a grand total death gratuity of $250.00 even if they paid in for more than forty years. Such a deal for the government! This might pay for some of the flowers. The same goes for Medicare. If one dies prior to their sixty-fifth birthday they get zero Medicare dollars. Just check the obituary pages and see just how many people die prior to getting their first dollar from a system that they paid into all of their working life.