Recent

% | $
Quotes you view appear here for quick access.

Silver Wheaton Corp. Message Board

  • wtffinance wtffinance Feb 16, 2011 2:07 PM Flag

    Social Security is a Ponzi Scheme

    Social Security is a Ponzi Scheme. I wish I could opt have opted out of that system a long time ago as I don't like to throw good money after bad.

    Social Security is a Ponzi Scheme
    http://www.wtffinance.com/2011/02/the-legal-ponzi-scheme-social-security/

    And not only that, hyper inflation will erode the purchasing power of the dollar so that your retirement dollars form the SS fund won't help you get very far:
    http://www.wtffinance.com/2011/01/historic-lessons-of-inflation/


    If you like honest financial news please visit WTF Finance and share the site with friends. Please give this post 5 stars to help us spread the honest financial news. thanks!

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • Let`s be clear about one thing here.The powers that be want to destroy the wealth(if you have any)of most Americans.Stealing your Social Security is just one of many things they have their sites set on.

      Expect continuing higher taxes across the board and lower pay and benefits.Slowly but surely and hook and by crook they will chip away until they have it all and they make us slaves too their system.

      This is what the New World Order is all about.

    • Sure. It's like opening an investment business that's thriving and saving money and then the business gets robbed, the money is gone and they blame the business as being insolvent.
      Social Security has funded the military industrial complex, including the last several wars.

      • 2 Replies to oisebad
      • It is well known (and certified by our Treasury Secretary and Secretary of Labor at http://www.ssa.gov/oact/trsum/index.html) that the "baby-boomer" etc. SS payouts are projected to exceed the SS tax receipts every year after 2014, exhausting the entire Trust Fund by 2037. At that time, annual tax receipts will only cover about 75% of the scheduled payouts, and the remainder of benefits will go unpaid, unless we reform the system.

        Also, this is the optimistic perspective which assumes our government will always be able to redeem the SS Trust Fund bonds (until the Fund is exhausted around 2037) and raise cash by selling other Treasury bonds to other investors (i.e. China & Japan) or by generating enough general tax receipts to produce a budget surplus. If we ever get to a point where we can no longer sell our national debt instruments (Treasury bonds) and do not also have a budget surplus, then it all falls apart, as does the rest of our deficit-dependent Federal budget. Given that an increasingly larger % of our annual general purpose tax receipts must be used to pay interest on our huge national debt (which is done via interest payments and redemptions on the enormous pool of outstanding Treasury Bonds across the world), the potential for seeing a budget surplus is getting less and less each year.

        To fix the looming SS shortfall (which is inevitable due to demographics), we must either raise the SS retirement age or raise new FICA tax contributions permanently, but politics and public outcry stand in the way. Or, we could fund the future SS deficit from the general budget pool - this would also require a legislative change, and would only be viable if we ever return to consistent budget surpluses.

    • Social Security taxes and the age of a full benefit were raised in 1983 so the baby boomers would be fully funded.There should be over a
      5 trillion dollar surplus.

      From the minute the surplus was there criminals in Washington DC began looting it.

      It also has NEVER taken a dime out of the U.S.Treasury.It is self funded.For anyone to imply it is part of the national debt is a liar.

      The real problem is the criminals in Washington DC,past and present.Along with the lobbyists that buy them off.

      • 2 Replies to robjr100
      • Social Security has no place in this country. It is a socialistic/communistic system that is destined for failure. You can have all the money I have put in if you let me out today. When I think what I could have done with all that money NOW. You are getting screwed and don't even realize it. You paid in good money and are going to receive not even a full penny on the dollar. My grandmother worked most all her life and gets around 650.00 a month. Can you live on that in 2011? And what is with this BS of taxing SS benefits? Didn't you pay taxes before you sent it in? It is a crooked scheme at best. All is has done is opened the door for more BS just like it and politicians have an unlimited slush fund to play with. If you are not man enough to save your own money then move to Russia and they'll save it for you.

      • <<The real problem is the criminals in Washington DC,past and present.Along with the lobbyists that buy them off.>>

        The lobbyists say they have bought and peid for the politicians and so they own them outright. This is free market capitilism at its finest. If you want a politician then buy one for yourself.

    • YOU ARE RIGHT.

      and as ponzi schemes go, the first in benefit the most.

      The retired wealthy are getting much more out of social security than they put in.

      the young will never see their money.

    • WTF is a right wing rag. There is enough money accrued or to be accrued to pay all eligible retirees in full until 2037; thereafter 78% if no changes to the present law are made. And if the benefits had been privatized, how would most individuals have fared in the market, say in 2001 or 2008?

    • Thanks buddy. The gay bar is two doors down.

 
SLW
19.16-0.19(-0.98%)Apr 24 4:01 PMEDT