That revelation, which was greeted with a ho-hum by the media, basically announced that by 2033, 21 years from now, the so-called Social Security trust fund will be empty. The only reason this was even announced is because we are approaching a presidential election campaign, and...
Pamela, it certainly would have been in better shape than it is now if the fund had not been diverted, but it is still a Ponzi scheme. Eventually, as in all Ponzi schemes, there are not enough new entries into the scheme to pay for those already in it - and the only thing that can be done is to reduce benefits, delay the start of payout date, or just default. Can you imagine how much better off our economy and we would all be if each of us had our own private retirement account, along the lines of a 401K, which would allow each of us to build real wealth which we could dispose of as we saw fit rather than depending on the crumbs that are thrown our way through SS.
When Texas Gov. Rick Perry, then in the early stages of his short-lived quest for the Republican presidential nomination, referred to Social Security as "a Ponzi scheme," he was excoriated by the press, left and right, and by his fellow Republicans, as well. Earlier this week, government actuaries revealed that Perry was correct.
- Poll: Republican voters back immigration reform? Noah Rothman 13 minutes ago
- LeBron James becomes first person ever to leave Miami for Cleveland voluntarily Allahpundit 51 minutes ago
- Contemptible corporate cowardice Noah Rothman 1 hour ago
- Gallup’s clickbait: Obama’s still pretty popular among … Ed Morrissey 2 hours ago
- Why aren’t Boehner and the House suing Obama over immigration? Allahpundit 2 hours ago
- New Economist/YouGov poll shows Hobby Lobby impact on Supreme Court approval Ed Morrissey 3 hours ago