Skip to comments.Peter Schiff gets SS Trustee to admit its a Ponzi Scheme
Posted on 02/14/2011 6:14:56 AM PST by GlockThe Vote
"Writing yourself a check for $1,000,000 does not make you a millioniare"
Peter gets the SS Trustee to admit its a ponzi scheme, the only difference being intent.
Here is the direct link.
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.
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.
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.
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.
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.
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!
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.
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.
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.
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!
Did you read my post?
Ths i no different than madoff victims demanding their money back. Its the same thing.
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.
Yep. They took my income and gave it to someone else so stop blaming me. Thank you.
The problem is that the age of living has greatly increased while the ratio of workers to retirees is also out of whack.