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Tuesday, 06 January 2009 00:00 |
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President and CEO of AIER, Charles Murray wrote an Op-Ed for the Fredericksburg (VA) Free Lance-Star that is still making news. The Hour, Cleveland.com, Hispanic News, The Wichita Eagle, The Columbia Tribune, Vindy.com, The South Bend Tribune, The Pittsburgh Post-Gazette and Milwaukee Journal-Sentinel have also published his commentary entitled "Social Security the Greatest Ponzi Scheme Ever."
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Readers interested in learning how Congress has abused the system to literally steel over $2.7T (that's trillion) from our retirement savings accounts should take the time to read the story, "The Truth about Social Security" at the following link.
www.nextinning.com/socialsecurity2.php
Regards, Paul McWilliams
editor in chief, Next Inning Technical Research
Social Security is not insurance - it's not even a trust fund - it's todays workers paying for those who have already retired. The so called 'trust fund' is merely the float between money received and money paid out (theoretically - the money should be invested for the benefit of the employees - but it's not) which is why Social Security is in trouble because the number of recipients is rapidly climbing (yesterday SS Director reported 10,000 new applications a day) while the workforce in total is declining - so you have more drain on the fund that funds coming it - leading to a future deficit in the fund.
I believe the term is an unfunded future liability.
We have enough deficits already... we don't need another one. Perhaps the economy would recover more quickly if the largest debtor would stop continuing to spend more than it makes - the US Government.