My social security webpage contains an article written by the Dean of the Notre Dame Law School in the 1950's explaining why the Social Security system is a fraudulent ponzi scheme which would inevitably go bankrupt.
I also have testimony before a Senate Committee where the Social Security Commissioner admits that the system is bankrupt and the only politically-palatable option (for politicians, that is) is to print up the money needed to pay benefits, which would destroy the dollar, and the elderly would not be able to buy anything with their "benefits."
http://KevinCraig.us/social_security.htm
We've known about the fundamentally fraudulent and unethical character of the Social Security system for DECADES. Politicians refuse to face the tough choices, and the situation grows worse every year. They only care about the next election two years away.
Social Security is a ticking time-bomb ready to destroy our economy. It is dangerous to everyone, not just the seniors who depend on government promises.
http://KevinCraig.us/bankrupt.htm
This is a profoundly important issue, and most politicians are giving us cosmetics.
NEWS-LEADER SOCIAL SECURITY QUESTIONS:
1. Would you favor Social Security reforms that:
A. raises the age of retirement for future retirees?
_X__Yes
_____No
___Undecided
I "favor" this only to eliminate the choice of doing nothing.
All of these options are like a tiny little band-aid for someone who has had his carotid artery slashed and is losing pint after pint of blood.
B. increases payroll taxes on employees and employers so that there is more money in the fund?
____Yes
__X__No
____Undecided
There is no "fund." Social Security is just a tax.
Social Security is just like any other government welfare program, except that it is shrouded in illusions and lies like the "trust-fund account."
C. establishes “means testing” which would eliminate or phase out Social Security benefits for retirees who have sufficient retirement savings?
__X__Yes, we should do this for current retirees
____Yes, but we should do this only for future retirees
____ No.
____ Undecided.
D. would give employees the option of placing a portion of their Social Security contributions into a private investment account that could be inherited?
__X___Yes
_____No
_____Undecided
2. The Social Security Administration announced that there will be no cost-of-living increase this year. How should the government respond?
__X___ Stick with the formula the Social Security Administration uses to determine COLAs. The formula shows an increase is not merited.
_____ Change the formula in favor of an increase this year. It is obviously flawed.
_____ Keep the formula, but give recipients an extra $250 this year instead of a percentaged-based COLA.
In the absence of the Social Security system, responsible people would have saved money for their retirement, invested it, which would have built factories and created jobs, increasing productivity and lowering prices, raising everyone's standard of living. Trillions of dollars worth of investment and jobs.
Irresponsible people are not "entitled" to other people's wealth. Americans are generous and willing to help people who admit their mistakes.
Because the government wanted credit for providing a "safety net," seniors are denied benefits which would be 5-10 times greater than Social Security pays (if the money they contributed would have been really invested, instead of placed in a fictional "trust fund"), and most workers would accumulate around one million dollars over their working years to pass on to their heirs. Our economy would be unimaginably more healthy than it is today, plus we would not be facing economic catastrophe when the dollar is destroyed by hyper-inflation.
The Social Security system is evil. Shame on politicians who don't tell the truth.
For my answers to these questions, click the play button on this link.