Monday, December 12, 2011

Social Security OR Ponzi Scheme


This guy has a good point... (His Circumstances) 

This is very appropriate in light of what is going on !!!
Remember, not only did you contribute to Social Security but your employer did too. It totaled 15% of your income before taxes. If you averaged only 30K over your 49 year working life, that’s close to $220,500. If you calculate the future value of $4,500 per year (yours & your employer’s contribution) at a simple 5% (less than what the govt. pays on the money that it borrows), after 49 years of working you’d have $892,919.98.
If you took out only 3% per year, you would receive $26,787.60 per year and it would last better than 30 years, and that’s with no interest paid on that final amount on deposit! If you bought an annuity and it paid 4% per year, you’d have a lifetime income of $2,976.40 per month.
The folks in Washington have pulled off a bigger Ponzi scheme than Bernie Madhoff ever had. Entitlement, my foot, I paid cash for my social security insurance!!!! Just because they borrowed the money, doesn't make my benefits some kind of charity or handout !!
Congressional benefits, aka free healthcare, outrageous retirement packages, 67 paid holidays, three weeks paid vacation, unlimited paid sick days, now that's welfare, and they have the nerve to call my retirement entitlements !!!!!!
They call Social Security and Medicare an entitlement even though most of us have been paying for it all our working lives and now when it’s time for us to collect, the government is running out of money. Why did the government borrow from it in the first place? Obama Voters won't believe this. I'm one of the ones that definitely does.
Author unknown but wise ...

22 comments:

Race Bannon said...

Social Security gives Charles Ponzi a bad name, at least his victims were 'willing' participants...

Woodsterman (Odie) said...

Race, you're absolutely right. I was told I "Will" participate.

Brooke said...

I have often wondered if, when my time comes to 'collect,' I can sue the government for every red cent taken out of my paychecks since I was 14 years old as fraud, theft, ect?

Mr. AOW said...

What if the money had disappeared the other way around?i'lldonate the gun powder I was saving to blow my brain apart to the polititions of this ponzi sceme.

Scooney Adrift said...

When the politicians drained the money swamp, Social Security was the only fat fish left for them to devour. It won't be long and they will have it picked to the bones!
Good Post.

Always On Watch said...

For a brief period of time, when I was working at a non-profit school, I didn't have Social Security picking my pocket. At that time, I did set up an IRA. Furthermore, when SSA began taxing employees of non-profits, the federal government determined that I would no longer be allowed to fund my IRA (not a Roth IRA, BTW, as that hadn't yet been invented).

All the rest of my working life, the SSA picked my pocket -- to the point that I could ill afford to fund my own private retirement account. The same goes for Mr. AOW.

For much of our working lives (for various valid reasons that I won't go into here), Mr. AOW and I didn't collect high enough wages to fund private retirement accounts; and the places we worked didn't offer a pension plan, either.

So, now we are SCREWED by both the Right and the Left when it comes to collecting our Social Security "investment" [cough]. Meanwhile, highly-paid politicians and government workers have multiple retirement plans AS WELL AS some kind of lifetime health insurance policy.

Can anyone say that America has become oligarchy? I sure as hell think so.

Always On Watch said...

Odie,
Off topic....Heads up. Mr. AOW will have a post with a certain photo in it tomorrow. You know the photo I mean?

USA_Admiral said...

Even when I was in my early 20s the math never added up.

Now it just makes me hate the government even more.

KyleMayday said...

Well this was surely eye-opening...

Hey, I'm trying to revive my blogger;
Check out my blog? kylemayday.blogspot.com
Thanks!

Woodsterman (Odie) said...

Brooke, I'm sure once again Congress is exempt.

Woodsterman (Odie) said...

Mr. AOW, if brains were gunpowder they wouldn't have enough to blow their nose.

Woodsterman (Odie) said...

Scooney, sounds kind of fishy huh.

Woodsterman (Odie) said...

AOW, I think of all the money I put into it and I would love to of been able to invest it myself.

Woodsterman (Odie) said...

AOW, I know the one alright. He promised not to post that one of me in that compromising state.

Woodsterman (Odie) said...

Admiral, It's their never ending attempts to make another dependent class.

Woodsterman (Odie) said...

Kyle, Don't depend on it for your future.

Teresa said...

Forced participation in a tyrannical socialist ponzi scheme. Government doesn't know best. The only thing that the government does well, is to screw the people.

banned said...

Same scam in Britain; on top of income tax we also get fleeced a pay % called "National Insurance" which sounds as though it is an insurance scheme for future welfare needs but actually it just goes into the governments general coffers for them to squander at will.

Adrienne said...

My parents hated FDR, Wilson, and all the rest of the commies and they also knew SS was a big fraud. I remember being a little girl and hearing my mom saying there was nothing in SS except a bunch of pieces of paper that said IOU.

Ever hear Dave Ramsey go off about SS? He sounds pretty much like your post.

Bush 2 wanted to start privatizing SS and the dems went bonkers.

Woodsterman (Odie) said...

Teresa, it's the socialist way to make every ones circumstances the same.

Woodsterman (Odie) said...

Banned, Governments are the same everywhere I'm afraid.

Woodsterman (Odie) said...

Adrienne, My father sounded the same when it came to that Commie FDR.