Sunday, July 4, 2010

Social Security Is And Was A Progressive Ponzi Scheme
  Social Security piece by Malcolm T. Hedges

It was designed from its inception to NOT pay much to the participants!  The actuarial tables by design anticipated most folks would die before or soon after being eligible to collect benefits!

Over the years politicrats borrowed/stole the moneys paid into the “bucket/trust fund” to fake balanced budgets.  They did write $trillions in IOU’s which are now coming due.

Nobody with a brain ever expected to live a life of luxury retiring on Social Security(SS).  It seems most folks with a serious work history get a monthly Social Security check of about $1000.  That is essentially the same as about $8.50 per if you were actually working.

However you don’t have the expenses of clothing, food and transportation related to a actual job.

In the “average” non-Progressive community that income is enough to maintain a “Basic Lifestyle”.  No real luxuries just day to day living.

In the “great Progressive communities” such as New York, LA and San Francisco you are essentially doomed to living in abstract poverty with a Social Security income.

As a practical matter living on SS is impractical unless there are two SS members living in a household.

Surplus Social Security contributions were never put into actual “investment” vehicles such as Bonds or Treasury Certificates so they actually shrank in value because of inflation.

There are currently no “surplus” contributions to SS and non to be seen in the foreseeable future.  Thus SS is a major economic anchor hanging around the necks of the politicrats.

Much of the economy is supported by SS recipients, dumping it is not a serious option. It needs to be quickly adjusted to address financial reality.

The retirement age needs to be adjusted to be closer to 70 with honest and serious income eligibility tests enacted.

The early retirement benefit at 62 needs to be scaled back to maybe 50% of full retirement at 70 with no restrictions on income from private sector non-governmental employment.

What we have now is a total melt-down of SS.

Malcolm T. Hedges

Posted by Malcolm T. Hedges on 7/4/10

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