Saturday Political Soap Box 10

Is Social Security a Ponzi sheme?




This is summarized from Nick Baumann found at Motherjones.com



Ponzi Scheme: is run by someone like Bernie Madoff, who can't print money or tax anyone. Social Security: is run by the government, which can print money and tax people.



Ponzi Scheme: does not tell particpants where their benefits come from. Social Security: tells participants where the benefits come from.



Ponzi Sheme: is a deliberate fraud. Social Security: is NOT a deliberate fraud.



Ponzi Scheme: is paid into by a small group of select investors. Social Security: is paid into by every American who works.



Ponzi Scheme: is supervised by someone like Bernie Madoff, who stole millions of dollars from his clients every year to pay for yachts and homes. Social Security: is supervised by Social Security Commissioner and Horace translator Michael Astrue, who made around $200,000 in 2011.



Ponzi Scheme: promises massive returns over just a few years. Social Security: promises fairly modest rates of returns over the course of decades.



Ponzi Scheme: is usually not invested in anything. Social Security: is invested in US treasury bonds.



Ponzi scheme: Can't be tweaked, expanded, cut, or ended by anyone but the schemer - until he's caught. Social Security: can be tweaked, expanded, cut, or ended by Americans' elected representatives.



Ponzi Scheme: the original Ponzi scheme lasted around 200 days. Social Security: Has been operating continuously since 1935.



The only place where Social Security and a Ponzi scheme are the same is in the fevered, delusional mind of C & D student, the Governor of the state with the most agressive form of weak governor state government, Rick Perry.



Any comments greatly appreciated.



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