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Analysis posted Aug 08 2012, 7:04 AM Category: Economy Source: InformationLiberation Print

Social Security Ponzi Scheme Coming To An End

Chris | InformationLiberation

Socialist security, possibly the world's largest wealth redistribution scheme in history is finally now coming to an end. Like a scam chain letter, the first people who "sent in a dollar" got a hundred back in return, but the last pay in and get nothing. Such is the case now with socialist security reports the AP, "People retiring today are part of the first generation of workers who have paid more in Social Security taxes during their careers than they will receive in benefits after they retire. It’s a historic shift that will only get worse for future retirees."

Unfortunately, unlike a scam pyramid scheme chain letter, citizens are not allowed to opt out, so everyone from now on will be paying in with the guarantee they will be losing money, and getting absolutely no "security." Rather than a "social safety net," it's a ring of jail bars locking everyone into perpetual debt slavery. Such a situation cannot continue for very long, and as the AP notes, it will only get worse as more and more of the baby boomers retire.
“For the early generations, it was an incredibly good deal,” said Andrew Biggs, a former deputy Social Security commissioner who is now a scholar at the American Enterprise Institute. “The government gave you free money and getting free money is popular.”

If you retired in 1960, you could expect to get back seven times more in benefits than you paid in Social Security taxes, and more if you were a low-income worker, as long you made it to age 78 for men and 81 for women.

As recently as 1985, workers at every income level could retire and expect to get more in benefits than they paid in Social Security taxes, though they didn’t do quite as well as their parents and grandparents.

Not anymore.

A married couple retiring last year after both spouses earned average lifetime wages paid about $598,000 in Social Security taxes during their careers. They can expect to collect about $556,000 in benefits, if the man lives to 82 and the woman lives to 85, according to a 2011 study by the Urban Institute, a Washington think tank.
As a young person myself, I'm ecstatic to see this socialist ponzi scheme fail. While I feel for people who "paid into it" their whole lives and will now get nothing, the fact of the matter is the money was stolen from them, and stealing from future generations won't make things any better. Taxes are theft, all of them, the sooner people accept it, the sooner the healing process can begin.
_
Chris runs the website InformationLiberation.com, you can read more of his writings here. Follow infolib on twitter here.





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Comments 1 - 10 of 10 Add Comment Page 1 of 1
Peter

Posted: Aug 08 2012, 9:50 AM

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81161 Congratulations Chris !
You are now officially a neo-con stooge .

You are quoting a fellow of The American Enterprise Institute, the home-dungeon of intellectual heavyweights like Richard Perle and Dick Cheneys wife ..
Chris

Posted: Aug 08 2012, 10:06 AM

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Thanks.

By those standards, I'm a stooge of some 40000 people/organizations I've quoted over the last 7 years running this site, maybe you could add them all up and tell me how I'm a stooge of them all (and every single person associated with them).

If you think the socialist security system is wonderful, just say it, I'd love to hear you defend this bankrupt socialist scam.
Anonymous

Posted: Aug 08 2012, 11:59 AM

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98150 Sad post Chris, why don't you focus on the main problem facing our economy which is corporate welfare not social welfare. Your AP quote also doesn't account for inflation as well as the extreme increase in the cost of medical care in your "give a dollar, expect 100 dollars back" examples. This just reeks of right wing bias and I expect more from this site.

Lets use Ron Paul as a great example of what to do with SS instead of the neo con stooges who just want to end social welfare to have more money for corporate welfare. Dr. Paul's solution involves a public option to pay into SS, which is a great start towards fixing the social safety net instead of just cutting it lose.

After that the only way to "fix" SS is to fix our medical industry, which is one of the primary reasons the cost of living for retirees has increased so drastically over the last 50 years causing them to need so much more back from SS. Without a end to the "for profit" medical industry, we will continue to price out the middle class from affording the costs to stay healthy as they retire. I know socialized medicine is a boogeyman term here, but other developed countries do it just fine and are in much better shape than we are with our system.

Anonymous

Posted: Aug 08 2012, 1:20 PM

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98196 The Folks complaining about this article are more than likely Boomers who have no problem at all with their kids and grand kids furniture being burnt to keep those checks coming as long as they still have a finger to point. They got theirs stolen and now they enable the thieves to steal from their kids knowing there is nothing in it for them. America lost EVERYTHING under the leadership of the Boomers...the "entitlement" generation. Their policies are all based on a time horizon that has the end of the world and obligations to future generations coinciding with their death. ..the WORST generation EVER!..............
Anonymous

Posted: Aug 08 2012, 2:36 PM

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66168 I just wanted to add to the discussion that when the social security program first started,the actual number issued was not supposed to be used as identification by law.
Today it is.
We literally have a national ID number,and its being issued to our children practically automatically at birth.

My concerns for social security, besides the obvious fiscal issues,are that it promotes government dependency at the cost of individual liberty.

It does this on many levels.

And to top it all off,there is no where in the Constitution authorizing the federal government to institute such a program.Nowhere.

America will be great again when Americans fully accept that to have liberty,they might have to have less government "safety nets" and actually be more responsible for themselves,and instead of relying on a nanny state to save up for their retirement for them- do it themselves.

But I know,I know,thats scary.

And its sad how cowardly and dependent we've become.
D.M. Simonds

Posted: Aug 08 2012, 5:36 PM

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174137 As a Boomer who is going to be 56 next month, let me back up what is being stated in this posting with a real life example. After my husband passed away in '04 my family said I should go to the happy little folks at the Social Security office and apply for his SS. I knew this was BS, since as a nurse turned writer who does a lot of research, there are bills in various forms of development which will change what my age group would be eligible to receive. Since my goal in life is to be financially independent, I treated this as a candid interview project. After talking with a few dedicated government wage slaves, I did manage to find at least one person there who had possibly awakened to what SS really is, a scam to slip Americans into dependent socialism.
If you doubt me, prove me wrong. Your best bet is look at history.
But back to our visit with the SS office wage slave. This person told me to apply 6 months before my 62nd birthday if, the age limit had not been moved up to 70 by then and, if SS still existed.
As a researcher and writer who is well aware of the plans the Illuminati has in store for this country, I agree with what Chris has written.
D.M. Simonds
ScribeCaveDotCom
The choice is yours.
Chris

Posted: Aug 08 2012, 6:55 PM

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To Anon 98150, the "main problem facing our economy" is not simply corporate welfare nor social welfare, it's all welfare, from corporate welfare to the military industrial complex to welfare to make dependent government slaves who will defend the state enslaving them just so long as they get a check of loot for themselves, it's all done under the same principle and it's all entirely criminal.

The example of give a dollar get a hundred back no longer applies, but it did apply to the first people who were part of this ponzi scheme, read the story of http://en.wikipedia.org/wiki/Ida_May_Fuller who "paid in" (had confiscated) $24.75, then got a wealth transfer of $22,888.92 given to her. That's almost a thousand to one return.

Ron Paul's "solution" will never be implemented as the people running the system are crooked criminals who do not want the welfare system to change, it's true if they cut the wars they could keep the scam going a bit longer, but that wouldn't change much, the fact of the matter is the ponzi scheme is coming to an end now and as with all ponzi schemes when the money stops coming in it must collapse.

As SS functions now it's a scheme to rob poor young people to pay for rich old people, why is that something which should be "saved"? If the state cut all spending even then it shouldn't go to social security, just stop actively stealing from people through taxation and let people keep the money which is rightly theirs, that's a much better "solution" to this problem than let's keep current confiscation levels the same and hope the criminals in congress who did not earn it spend the money more wisely.
Jeannon Kralj

Posted: Aug 08 2012, 7:47 PM

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66143 "Like a scam chain letter, the first people who "sent in a dollar" got a hundred back in return, but the last pay in and get nothing. "

Sort of like the Youngevity products Tangy Tangerine multi level marketing ponzi scheme, huh?

I do not agree with this whole article. The banksters created this ponzi scheme, and until an economic order based on Logos is put it place, I thank God that there has been and will be for a while this safety net that has allowed millions of people to survive.
Anonymous

Posted: Aug 08 2012, 9:15 PM

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18438 Jeannon, this sort of misplaced sympathy is giving some 70 years olds a couple extra dollars to live on and enriching a few score of bureaucrats at the expense of robbing tens of millions of their freedoms and economic potentials in the prime of their lives.

The first generation in the system knew retirement would now be easier so could go spend much of what was already saved on vacations or whatever, the next generation didn't bother to save enough b/c of course they factored the gov't money into retirement. Additionally they started taking other forms of gov't social welfare in home loans, loans for their kids schooling, etc... The 3rd generation took gov't by the tens of thousands starting at 18 and kept borrowing in one form or another until they were 30.

The result of such "social welfare" is a generation that is underwater on homes that won't sell, can't afford to pay student loan payments that they can't escape, and have to fear losing their jobs in the terrible economy the previous decades of spend now pay later has caused....all the while any money they do make has portions taken out to give some 60 and 70 year olds a nicer tv in the retirement home.

Kill social security (in phases if need be), cut gov't house/school loans, and free the markets that haven't seen freedom in my lifetime; it will do more to help the poor than all the "social welfare" I've ever seen.
AnonymousAndrew

Posted: Aug 09 2012, 12:34 AM

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24108 The SS trust is unindentured. Tighten up your Contract with SS. SIN in Canada. Remember, yourSS/SIN# Is the same # as your Individual Master File at the IMF (International Monetary Fund). Quit bitchin, assert your rights.
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