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Peter Schiff gets SS Trustee to admit its a Ponzi Scheme
SchiffRadio.com ^ | February 14, 2011 | Peter Schiff

Posted on 02/14/2011 6:14:56 AM PST by GlockThe Vote

http://www.youtube.com/watch?v=ITMEZImvNio

Money quote:

"Writing yourself a check for $1,000,000 does not make you a millioniare"


TOPICS: Business/Economy; Conspiracy; History; Miscellaneous
KEYWORDS: peterschiff; ponzi; schiff; socialsecurity
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Guys you need to listen to this.

Peter gets the SS Trustee to admit its a ponzi scheme, the only difference being intent.

1 posted on 02/14/2011 6:14:59 AM PST by GlockThe Vote
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To: GlockThe Vote

Here is the direct link.

http://www.youtube.com/watch?v=ITMEZImvNio


2 posted on 02/14/2011 6:15:35 AM PST by GlockThe Vote (Who needs Al Queda to worry about when we have Obama?)
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To: GlockThe Vote

By the way - the SS Trustee says that payroll taxes alone will have to be 30% in order to keep paying the current level of benes.


3 posted on 02/14/2011 6:18:13 AM PST by GlockThe Vote (Who needs Al Queda to worry about when we have Obama?)
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To: GlockThe Vote

for later


4 posted on 02/14/2011 6:28:13 AM PST by PMAS
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To: PMAS

You won’t be dissapointed. The SS Trustee admitted the only difference between a ponzi scheme like madoff and SS is intent, which even I dont buy.

Says the payroll tax will be 30% alone if we dont do something fast.


5 posted on 02/14/2011 6:30:18 AM PST by GlockThe Vote (Who needs Al Queda to worry about when we have Obama?)
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To: GlockThe Vote

Social Security is welfare. It is insane to pay welfare to people who can support themselves. Until we accept this fact we can make no progress.


6 posted on 02/14/2011 6:47:38 AM PST by DManA
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To: DManA

I find it completely ridiculous to impoverish young people tryin to make a life to pay retired people who are not working. I know its not fair and that they paid in blah blah, and those people should all get a check and payout.

But to keep piling higher and higher taxes on young people to pay for this is insanity. Its destroying the nation.


7 posted on 02/14/2011 6:52:44 AM PST by GlockThe Vote (Who needs Al Queda to worry about when we have Obama?)
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To: GlockThe Vote

Thanks. This is the single best description of the program that I have ever heard. Nobody should be allowed near a voting booth until they have heard and UNDERSTAND what was said here. The scary thing is I believe that Medicare and the associated Obamacare present even greater obstacles to our future.


8 posted on 02/14/2011 7:05:48 AM PST by Scoutdad
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To: GlockThe Vote

Bump


9 posted on 02/14/2011 7:14:14 AM PST by CPT Clay (Pick up your weapon and follow me.)
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To: Scoutdad

Peter Schiff is often trashed on this site, but i find his insight and commentary extremely educational.

He got the SS Trustee to admit its a ponzi scheme for Gods’ sake!


10 posted on 02/14/2011 7:19:19 AM PST by GlockThe Vote (Who needs Al Queda to worry about when we have Obama?)
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To: DManA
Good grief! SS, as bad as it is, should never be associated with Welfare which is money given for NOTHING.

We are forced to pay into SS but it is just a poorly designed retirement program which was expanded (like government always does) to do things it was never designed or funded to do.

If I pay into a private retirement program and then receive monthly payments are those Welfare in your mind?

It is a Ponzi scheme that we knowingly allowed the filthy lawyers in government to steal for the general fund and SURPRISE its now underfunded at best and bankrupted at worse.

11 posted on 02/14/2011 7:26:09 AM PST by Wurlitzer (Welcome to the new USSA (United Socialist States of Amerika))
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To: DManA

There should be no government welfare of any kind at any time. Once you accept the idea that the government has the right to rob Peter to pay Paul, there is no principled end to it.


12 posted on 02/14/2011 7:27:37 AM PST by achilles2000 ("I'll agree to save the whales as long as we can deport the liberals")
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To: GlockThe Vote
I find it completely ridiculous to impoverish young people tryin to make a life to pay retired people who are not working. I know its not fair and that they paid in blah blah, and those people should all get a check and payout.

It wasn't the retirees that broke the system. My payout is about what I put in plus about 1% appreciation. What broke the system was the deviation from its basic mission into a welfare system for all sorts of non-retirees.

13 posted on 02/14/2011 7:31:15 AM PST by SeeSac
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To: SeeSac

Did you listen to the clip?

If not, you really need to. The Trustee of SS is admitting its nothing but an income re-distribution scam.

HE ADMITS IT!


14 posted on 02/14/2011 7:33:09 AM PST by GlockThe Vote (Who needs Al Queda to worry about when we have Obama?)
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To: GlockThe Vote

Did you read my post?


15 posted on 02/14/2011 7:34:14 AM PST by SeeSac
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To: Wurlitzer

Ths i no different than madoff victims demanding their money back. Its the same thing.


16 posted on 02/14/2011 7:35:17 AM PST by GlockThe Vote (Who needs Al Queda to worry about when we have Obama?)
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To: SeeSac

Yes I did, I was speaking in general.

The worst part about this is that SS is mandatory and people cant get out from under this ponzi scheme.


17 posted on 02/14/2011 7:39:02 AM PST by GlockThe Vote (Who needs Al Queda to worry about when we have Obama?)
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To: GlockThe Vote
The Trustee of SS is admitting its nothing but an income re-distribution scam.

Yep. They took my income and gave it to someone else so stop blaming me. Thank you.

18 posted on 02/14/2011 7:40:28 AM PST by SeeSac
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To: SeeSac

The problem is that the age of living has greatly increased while the ratio of workers to retirees is also out of whack.


19 posted on 02/14/2011 7:41:45 AM PST by GlockThe Vote (Who needs Al Queda to worry about when we have Obama?)
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To: GlockThe Vote

Bookmark.


20 posted on 02/14/2011 7:44:07 AM PST by Sergio (An object at rest cannot be stopped! - The Evil Midnight Bomber What Bombs at Midnight)
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To: SeeSac

I’m not blaming you, but understand that when you demand everything you think you have coming to you, its coming from your kid, china, grandkids, and other taxpayers.

There is no money there. You paid into a ponzi scheme and its broke.


21 posted on 02/14/2011 7:44:32 AM PST by GlockThe Vote (Who needs Al Queda to worry about when we have Obama?)
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To: GlockThe Vote; SeeSac; Wurlitzer
Glock has it right.

No matter how much you think the government has "promised" something to retirees, the fact remains that the cupboard is emptying fast.

And the demographics are inexorable. You can't get what you were "promised" without a colossal tax hike on your kids and grandkids.

Cutting other programs to pay for SS and Medicare is a myth, it'd be like draining Lake Superior with a teaspoon.

22 posted on 02/14/2011 7:52:26 AM PST by Notary Sojac (Who's Damaged America More? (a) Al Qaeda (b) Wall Street Investment Bankers)
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To: Notary Sojac

The truth is hard for many to accept.


23 posted on 02/14/2011 8:02:25 AM PST by GlockThe Vote (Who needs Al Queda to worry about when we have Obama?)
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To: Notary Sojac; GlockThe Vote; SeeSac; Wurlitzer

The gov made a previous written contract and has not kept it, so the lie on SS and Medicare as far as I am concerned no big deal. End SS, medicare and welfare. The broken contract is of course the constitution.


24 posted on 02/14/2011 8:51:01 AM PST by Ratman83
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To: SeeSac
It wasn't the retirees that broke the system. My payout is about what I put in plus about 1% appreciation. What broke the system was the deviation from its basic mission into a welfare system for all sorts of non-retirees.

The very first retiree broke the system:

Fuller was born on a farm outside Ludlow, Vermont. She spent most of her life in Ludlow, working as a legal secretary, but lived with her niece in Brattleboro, Vermont, during her last eight years. She retired in 1939, having paid just three years of payroll taxes. She received monthly Social Security checks until her death in 1975 at age 100. By the time of her death, Fuller had collected $22,888.92 from Social Security monthly benefits, compared to her contributions of $24.75 to the system.

25 posted on 02/14/2011 9:43:24 AM PST by whd23 (Every time a link is de-blogged an angel gets its wings.)
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To: whd23

Ok. Blame her. Just don’t blame me. My funds entered have been redistributed to others.


26 posted on 02/14/2011 9:51:05 AM PST by SeeSac
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To: whd23

Wow. crazy post.


27 posted on 02/14/2011 9:57:11 AM PST by GlockThe Vote (Who needs Al Queda to worry about when we have Obama?)
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To: SeeSac

Yes, and your “payments” are going to be a product of borrowing from the chinks, raising taxes on your kids, raising them even more on your grandkids, etc.

They money is long gone.


28 posted on 02/14/2011 10:00:22 AM PST by GlockThe Vote (Who needs Al Queda to worry about when we have Obama?)
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To: whd23
The very first retiree broke the system ...

Fuller was not the first.

29 posted on 02/14/2011 10:02:54 AM PST by SeeSac
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To: Ratman83
I would agree to end SS and Medicare GOING forward but certainly not for those who were FORCED to pay into the system all the while the scum of the earth lawyers (redundant yes) of the ruling class had their own “special” plan.

If we had any citizens left with a backbone we would surround Washington and tell those elite pieces of whale excrement “Before you touch a single domestic program STOP ALL FOREIGN AID, close every military base in Germany, Japan, S. Korea...,”

Why should a single penny be cut from taxpaying US Citizens while we are throwing money at a bunch losers who only end up hating us? Reduce our commitment to the UN to reflect our percentage of the world's population. It is insane that we have allowed these mealy mouth diplomats to steal more of our money for their failed projects than our population in relation to the rest of the world dictates.

After all foreign aid is eliminated, then eliminate all subsidies for NOT growing or producing. The free market works much better with minimal regulation (not no regulation) and if some businesses fail then they were not viable in the first place and we should not be subsidizing bad business.

30 posted on 02/14/2011 10:12:48 AM PST by Wurlitzer (Welcome to the new USSA (United Socialist States of Amerika))
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To: GlockThe Vote
raising taxes on your kids, raising them even more on your grandkids, etc.

My SS payments are being put away for them. Not a problem.

31 posted on 02/14/2011 10:14:25 AM PST by SeeSac
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To: Wurlitzer
If we had any citizens left with a backbone we would surround Washington

Wonder why we don't have a FR moment in DC? Didn't these things used to happen? Been pretty quiet lately.

32 posted on 02/14/2011 10:17:51 AM PST by SeeSac
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To: SeeSac

Wrong - your SS payments are going to be borrowed and payed back by them in the firm of higher taxes and a lower standard of living.


33 posted on 02/14/2011 10:28:18 AM PST by GlockThe Vote (Who needs Al Queda to worry about when we have Obama?)
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To: Wurlitzer

Because SS and Medicare are where the biggest liabilities are.

www.usdebtclock.org


34 posted on 02/14/2011 10:31:23 AM PST by GlockThe Vote (Who needs Al Queda to worry about when we have Obama?)
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To: GlockThe Vote
My SS payments are being put away for them. Not a problem.

Wrong - your SS payments are going to be borrowed and payed back by them in the firm of higher taxes and a lower standard of living.

Let me restate for you. My SS payments are being put away by me for them. Not a problem.

35 posted on 02/14/2011 10:45:48 AM PST by SeeSac
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To: GlockThe Vote
It is not relevant that they are the biggest liabilities as some here seem to be ignoring the fact that we paid into SS. I think it sucks but I like millions of other were forced to pay into it. I laid out a good plan IMO for cuts yet you want to cut something we actually paid for?

If AND ONLY EFFEN WHEN ALL FOREIGN AID IS ELIMINATED AND FOREIGN MILITARY BASES ARE CLOSED AND WE CUT FUNDING OF THE UN should we start looking at domestic programs.

Why not shutter permanently the departments of energy (they have done less than nothing to make us energy independent), department of education (this is a state responsibility and the effen feds have not educated a single child).

If you want to eliminate SS and Medicare for those entering the system fine, I'd support that! But if you want to take what I was FORCED to pay into for my entire working career, then you will be looking at one of the reasons for the 2nd Amendment.

36 posted on 02/14/2011 10:46:49 AM PST by Wurlitzer (Welcome to the new USSA (United Socialist States of Amerika))
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To: Wurlitzer

What don’t you understand about there being no money there and we are broke?

Did you listen to the clip? The Trustee admitted that there is NO TRUST FUND. Its gone.

If you feel fine about jacking young peoples’ payroll tax to 30% as the Trustee said just to pay off promises that can’t be paid, well, we are different in our views.

Again - the amounts due are over $100 Trillion between the two programs.

Tell me how closing a few bases is going to make that up?

www.usdebtclock.org


37 posted on 02/14/2011 10:58:31 AM PST by GlockThe Vote (Who needs Al Queda to worry about when we have Obama?)
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To: Wurlitzer
To put a sharper point on my previous post, it is possible that, given BO and yes Bush are spending or did spend without any thought to the consequences, we might as a VERY LAST resort have to look at Medicare (1st) then SS.

This should not be done until every single penny spent by the ruling class for foreign aid, military bases, UN is eliminated.

If we are forced to steal, because that is what it would be, money from current SS recipients then not a single penny should go to any non-US Citizen.

To get us started, I'll gladly escort BO’s Keynan pig of an aunt, who has stolen US taxpayer's money yet blames us for her plight, to the dock to get on the first freighter back to Kenya.

To summarize: NO, ZERO, ZIP, NADA dollars to any non-citizen (in or out of the country) or to any foreign government BEFORE you start stealing what was paid for. When you start on the domestic programs start first on those that have done nothing before you steal from those who have paid into the system for 40+ years.

38 posted on 02/14/2011 11:02:27 AM PST by Wurlitzer (Welcome to the new USSA (United Socialist States of Amerika))
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To: Wurlitzer

Look, you need to accept the fact that you were lied to your entire life and paid into a giant ponzi scheme on the verge of collapse. There is no more there and none left. Unless we import tens of millions of young immigrants, sell off land, sell off resources, or means test, or raise the retirement age or something like the above, it will either implode on its own or will require taxation of young people at 100% orbetter who will be using the 2nd amendment on older people if they are told tobe slaves teir entire lives to pay for promises that should never ave been made.

Its not fair, it stinks, but reality is a bitch. Its a maddoff scam and nothing else. Just like the Wilpons are finding out.


39 posted on 02/14/2011 11:03:03 AM PST by GlockThe Vote (Who needs Al Queda to worry about when we have Obama?)
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To: GlockThe Vote
What you do not understand you thief is before you steal a single penny from a program we were forced to pay into you MUST without a single reservation stop all spending on areas I clearly identified but you lack the intelligence or honesty to debate.

You use Saul Alinsky tactics like only mentioning my suggestion of closing the bases yet like the lying Saul you omitted the other high dollar programs I addressed even the entire departments of energy and education.

Until you are willing to have an honest debate don't waste my time responding to my posts as I'll only debate with honest people. Don't expect people to sit back and let you steal money from us while at the same time NEVER eliminating COMPLETELY every nonessential program, department. Why for example should I allow the likes of you to demand I lose what I paid for while at the same time this vile federal government lead by a Mudslime is allowed to send my tax dollars to Mudslimes around the world?

40 posted on 02/14/2011 11:12:01 AM PST by Wurlitzer (Welcome to the new USSA (United Socialist States of Amerika))
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To: GlockThe Vote; Wurlitzer

Glock is right, sir. There is no money. Someone isn’t going to get their benefits, maybe everyone.

You’ll not get an argument regarding foreign aid, illegal welfare, and any other spending item. We’ll need that money to feed the elderly poor.

The concept of growing old and living independently with dignity is gone, unless you’ve got the money available to pay for it yourself without any government benefit assistance.

It’s gone, and our capacity to deal with it in a controlled fashion is also rapidly diminishing as our deficits pile up on top of our existing debt.


41 posted on 02/14/2011 11:15:33 AM PST by RFEngineer
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To: Wurlitzer

You are still in utter denial. THERE IS NO MONEY LEFT - ITS GONE.


42 posted on 02/14/2011 11:17:41 AM PST by GlockThe Vote (Who needs Al Queda to worry about when we have Obama?)
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To: Wurlitzer

You are angry because you know he’s right. You should redirect your name calling to your Congressman/Senators.

I hope you are more diplomatic with your children, should you be blessed with any - because you may need their help.


43 posted on 02/14/2011 11:19:53 AM PST by RFEngineer
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To: Wurlitzer

I would agree to do all of that, but it still does not add up to all of the unfunded liabilities we have.

Its about $124 Trillion at this point. Tell me how that gets paid.


44 posted on 02/14/2011 11:20:42 AM PST by GlockThe Vote (Who needs Al Queda to worry about when we have Obama?)
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To: Wurlitzer

What you do not understand is that the government does not have to pay you anything. SS is broke and the USSC has said it does not have to be paid, the gov does not have to. The whole thing was and is unconstitutional.


45 posted on 02/14/2011 11:26:14 AM PST by Ratman83
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To: Wurlitzer
Looking at the budget PIE I see immediately Discretionary $660 Billion (Eliminate it) “Other Mandatory” $416 Billion (Eliminate it as the only ones making it mandatory is the FEDS), Defense $689 Billion (how much of this is for military bases which can be closed?) Seems cuts can be made here.

So before touching SS and Medicare we are looking at a trillion before any defense cuts.

Now lets look at Medicare. Fraud is rampant albeit a small % of the pie slice. If Visa, MasterCard, American express can verify a card in 15 seconds then a prescription ID comprised of Doctor ID, Patient ID and Drug ID encrypted via a random number generator and check sum could address the issues that were shown in a report last week of dead doctors IDs, dead patient IDs being used for bogus charges.

How about completely eliminating ANY dollars for health care for non-citizens? Tough on them to be sure but if I have a choice between cutting something for a citizen and a non-citizen, unlike our progressive (aka communists) enemies within, I'll opt to cut the non-citizens.

46 posted on 02/14/2011 11:27:18 AM PST by Wurlitzer (Welcome to the new USSA (United Socialist States of Amerika))
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To: Wurlitzer

Look, I agree with you and would kick out the illegals, end welfare, end the foreign aid crappola, end as much as possible, get rid of epa, dea, ATF, DOL, etc etc. I would slash the Fed Gov like Jason from Frieday the 13th, howver, the unfunded liabilities still dwarf all of that.

Check out this site - its well worth a minute or two.

www.usdebtclock.org


47 posted on 02/14/2011 11:34:28 AM PST by GlockThe Vote (Who needs Al Queda to worry about when we have Obama?)
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To: Ratman83

Who the hell are you to claim I do not understand? I understand perfectly but we seem to have a few like you who use Saul Alinsky tactics of omitting my points and simply stating I do not understand. I guess when you don’t want an honest debate that is the only tool you have left.

I have been complaining and unlike many of you writing to my reps about this for years.

What I notice about everyone of you educated beyond your intelligence is you always refuse to address my main point and that is everything given to any non-citizen or foreign government must be completely eliminated before you thieves start stealing the money the communists in the federal government forced us to pay for 40+ years then they went and stole that money.

If Medicare and SS must be cut you damned well better make sure no non-citizen or foreign government are getting any tax dollars from the USA.

Once you have done that, then lets look at what has to be done for Medicare (go after this before SS) then SS.


48 posted on 02/14/2011 11:35:56 AM PST by Wurlitzer (Welcome to the new USSA (United Socialist States of Amerika))
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To: Wurlitzer

Calling names does not help your argument.

We all agree that we shoud not be wasting money like you said, but even if you take all of that away - it still is but a dent in the overall unfunded liabilities we face.


49 posted on 02/14/2011 11:40:35 AM PST by GlockThe Vote (Who needs Al Queda to worry about when we have Obama?)
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To: Wurlitzer

You do not understand is that I want only what is allowed by the Constitution. Your insistance that you be paid is bull. Follow the Constitution.


50 posted on 02/14/2011 11:41:39 AM PST by Ratman83
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