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Monday, June 06, 2005

 

Social Security Sucks!

And I mean that with specific emphasis on the word "SUCKS"! I hate this stupid, senseless, ridiculous government program! It is nothing more than a pyramid scheme run by the Federal Government. Pyramid schemes are illegal all over the country. Try to start one up and see how much trouble you can get into because of it.

A pyramid scheme is a great money-making idea for the early adopters of the scheme. You pay money into a system and that money is used to pay earlier members of the system. In Social Security's case, the early adopter of the program received a whole lot more in return for their meager payments. In those times, the payees into the system greatly outnumbered the beneficiaries of the system and that made it easy to make ends meet. Any pyramid scheme is going to generate lots of money for the early members and as time goes by, and membership quotas level off or even drop, the money coming in is not enough to pay off the current beneficiaries. And the later adoptees will actually lose their money. Often times, a whole lot of money. This is why pyramid schemes are illegal. Unless you are the Federal Government of the United States of America.

The Social Security System was adopted in the 1930s as a supposed "safety net" for older Americans who perhaps were hit hard by the recession and didn't have the means to secure their own retirement. It was never intended to fully fund anyone's retirement. It was originally meant as a supplement to one's own retirement plans. The initial plan was actually more like an insurance policy than a pyramid scheme.

If that the excess money that poured into the coffers in the early decades were invested in some kind of vehicle that would actually grow the money, then SS would never have gotten into the mess it is in today. If that program were treated the same way as every other insurance or investment plan in existence, there would never be a Social Security crisis. But this program is run by Congress and they can't help but spend every dollar that comes to Washington, whether the money is targeted for any particular program or not. Savings or investment are unknown words to DC legislators.

Not to be forgotten are the additional burdens placed on Social Security since its' inception such as disability payments and payments to dependents. Not even related to retirement at all but these payments take a huge chunk of money out of a system for totally different purposes. The 1960s saw huge changes with Social Security including the additions of other than retirement related payments. There was such a large excess of cash that the politicians felt it just had to be spent on something and why not get a few votes out of deal while we're at it? In fact, let's just spend all of the excess money and replace it with IOUs. The feds always pay their debt so we can tell the American people that their benefits are guaranteed and they are not to worry. This is, after all, the "Great Society".

I don't care if you perceive a "crisis" with Social Security or not. If you don't see one there, you will never be convinced that this is a hideous and counter-productive program that deserves to be scrapped immediately. And I have some land for sale in Lake Okeechobee and a bridge to sell to you in Brooklyn.

I hear and read people spouting about Social Security being the most successful and important program in the history of this country. Go out and buy an investment with any firm in the country and see if you can find a plan as "good" as Social Security. Betcha can't find one. That's because private investment companies know that the product SS sells is not only illegal but a very poor investment strategy that is destined to fail.

Listen, money makes money. It is a powerful way to develop retirement funds. Invest and re-invest the dividends and let the earnings accumulate and you can fund a very good retirement with a smaller amount of money. If you keep taking money out of your retirement fund, it will never develop into anything usable other than a place to borrow from. The balance will never increase if you don't let it grow. There is tremendous power in compound interest. Why can't people see this?

So I hate Social Security. I wish it would die a fast death. Let me take care of my own retirement just as I believe I should be doing. (And I am, by the way.) It is not a government function to prepare a retirement for me or for anyone else. Get out of the business! And let me keep my money and invest, or spend, it as I choose. As I choose, not as Congress chooses. Congress can fund their own retirement and leave me the hell alone!

OH

Comments:
I have been preaching this for years, but no one listens. Maybe if enough people sing this tune, someones in the right places will begin to hear it....thanks for trying adf
 
Thanks Bro,
Most people do not listen. Most people are too wrapped up in their own little worlds that they don't see or care about anything "political". I used to be that way as well. Consider this blog my personal way of trying to combat ignorance. :<)

OH
 
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