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Re: Your tax dollars given to the rich...AGAIN
Quote:
Originally Posted by underboss
To be precise, it is a Ponzi scheme.
Social Security is a Ponzi scheme.
A woman named Ida May Fuller , from Ludlow, Vermont was the first recipient of monthly Social Security benefits
Ida May Fuller worked for three years under the Social Security program. The accumulated taxes on her salary during those three years was a total of $24.75. Her initial monthly check was $22.54. During her lifetime (she lived to be a 100) she collected a total of $22,888.92 in Social Security benefits.
The Social Security Act was ostensibly a fund to pay pensions, but it doubled as a hidden tax to fund a Treasury reserve fund for the purpose of cloaking tax increases and higher government spending. "Contributors" to Social Security do not receive the returns from the money they paid into the "fund" in the past. Rather, just as in a Ponzi Scheme, they are paid from the funds of current contributors (taxpayers), and these taxpayers will in turn be paid from the taxes paid by the generation that follows them. In other words, its purpose is the redistribution of income, not investment toward the production of new wealth. |
Social security is one of the most successful government programs ever.
It's goal was to eliminate senior poverty, when it began 90% of senior citizens in the US lived in poverty, today that number is reversed.
It had to start somewhere, and the first people who qualified did very well.
But just because you can come up with an anecdote, it doesn't change the fact that Social Security has spared hundreds of millions of Americans the horror of living out their last days in abject misery.
And what about countries that have privatized their retirement plans?
Chile rethinks its privatized pension system - International Herald Tribune
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“ The subjects of every state ought to contribute towards the support of the government, as nearly as possible, in proportion to their respective abilities; that is, in proportion to the revenue which they respectively enjoy under the protection of the state.”
Adam Smith , The Wealth of Nations 1776
"We have always known that heedless self-interest was bad morals; we know now that it is bad economics"
FDR's second Inaugural Address
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