Social Security Ponzi scheme ?
josevolution
Posts: 29,611
THE ONLY THING WRONG WITH THE GOVERNMENT'S CALCULATION OF AVAILABLE SOCIAL SECURITY IS THEY FORGOT TO FIGURE IN THE PEOPLE WHO DIED BEFORE THEY EVER COLLECTED A SOCIAL SECURITY CHECK!!!
WHERE DID THAT MONEY GO?
Remember, not only did you and I contribute to Social Security but your employer did, too. It totaled 15% of your income before taxes. If you averaged only $30K over your working life, that's close to $220,500. Read that again. Did you see where the Government paid in one single penny? We are talking about the money you and your employer put in a Government bank to insure you and I that we would have a retirement check from the money we put in, not the Government. Now they are calling the money we put in an entitlement when we reach the age to take it back. If you calculate the future invested value of $4,500 per year (yours & your employer's contribution) at a simple 5% interest (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'd receive $26,787.60 per year and it would last better than 30 years (until you're 95 if you retire at age 65) 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.
Another thing with me.... I have two deceased husbands who died in their 50's, (one was 51 and the other one was 59 before one percent of their social security could be drawn. I worked all my life and am drawing 100% on my own social security). Their S.S. money will never have one cent drawn from what they paid into S.S. all their lives.
THE FOLKS IN WASHINGTON HAVE PULLED OFF A BIGGER PONZI SCHEME THAN BERNIE MADOFF EVER DID.
Entitlement my foot, I paid cash for my social security insurance! Just because they borrowed the money for other government spending, doesn't make my benefits some kind of charity or handout!!
Remember Congressional benefits? --- 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 social security retirement payments entitlements?
We're "broke" and we can't help our own Seniors, Veterans, Orphans, or Homeless. Yet in the last few months we have provided aid to Haiti,Chile and Turkey. And now Pakistan......home of bin Laden. Literally, BILLIONS of DOLLARS!!!
Our retired seniors living on a 'fixed S.S. income' receive no additional federal aid nor do they get any financial breaks, while our government and religious organizations pour hundreds of billions of $$$ and tons of food to foreign countries!
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? It was supposed to be in a locked box, not part of the general fund.
Sad isn't it?
99% of people won't have the guts to forward this. I'm in the 1% -- I just did.
Someone forwarded this to me does it add up or is this just some one who doesn't know what they are talking about ,,,
WHERE DID THAT MONEY GO?
Remember, not only did you and I contribute to Social Security but your employer did, too. It totaled 15% of your income before taxes. If you averaged only $30K over your working life, that's close to $220,500. Read that again. Did you see where the Government paid in one single penny? We are talking about the money you and your employer put in a Government bank to insure you and I that we would have a retirement check from the money we put in, not the Government. Now they are calling the money we put in an entitlement when we reach the age to take it back. If you calculate the future invested value of $4,500 per year (yours & your employer's contribution) at a simple 5% interest (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'd receive $26,787.60 per year and it would last better than 30 years (until you're 95 if you retire at age 65) 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.
Another thing with me.... I have two deceased husbands who died in their 50's, (one was 51 and the other one was 59 before one percent of their social security could be drawn. I worked all my life and am drawing 100% on my own social security). Their S.S. money will never have one cent drawn from what they paid into S.S. all their lives.
THE FOLKS IN WASHINGTON HAVE PULLED OFF A BIGGER PONZI SCHEME THAN BERNIE MADOFF EVER DID.
Entitlement my foot, I paid cash for my social security insurance! Just because they borrowed the money for other government spending, doesn't make my benefits some kind of charity or handout!!
Remember Congressional benefits? --- 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 social security retirement payments entitlements?
We're "broke" and we can't help our own Seniors, Veterans, Orphans, or Homeless. Yet in the last few months we have provided aid to Haiti,Chile and Turkey. And now Pakistan......home of bin Laden. Literally, BILLIONS of DOLLARS!!!
Our retired seniors living on a 'fixed S.S. income' receive no additional federal aid nor do they get any financial breaks, while our government and religious organizations pour hundreds of billions of $$$ and tons of food to foreign countries!
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? It was supposed to be in a locked box, not part of the general fund.
Sad isn't it?
99% of people won't have the guts to forward this. I'm in the 1% -- I just did.
Someone forwarded this to me does it add up or is this just some one who doesn't know what they are talking about ,,,
jesus greets me looks just like me ....
Post edited by Unknown User on
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Comments
Into the general fund more or less. Social security is converted into treasury bonds which is a gov't backed security.
So they take the money, and use it for whatever they like and then pay the t-bill interest rate to the Social security trust fund. which then pays out the DI and OASI payments to people.
it is a joke. They basically require you to pay an amount to a social security trust fund which is then required by law to invest in treasuries. This gives the congress access to the funds to spend them on anything they want as long as they are able to make the payments...that is the ponzi scheme side of it, when they start talking about not being able to make the payments there is a big time problem..
They have screwed it up because they couldn't keep their hands off of the money. Plain and simple and all the legislators who have contributed to the system as it currently sits should be embarrassed of their lack of control. That money was for the people, not for the gov't to "borrow" from the people and then change the rules on those who are eligible.
Anyone find it strange that when the debt ceiling isn't raised there is concern that payments might not be made to social security recipients?...they have bungled it
Social security is a great idea that was so poorly put into practice it is a prime example of how unnecessarily complicated things get when gov't gets involved.
It is terrifying when you are too stupid to know who is dumb
- Joe Rogan
Thanks for the info i learn everyday here :thumbup: what a crock of shite ..
politicians and the media like to create drama and false crisis so that citizens are distracted.
Right before the election I asked a young male coworker who he was voting for and he said...." Well I don't know but I don't like that Romney is against abortion". Now everyone has a right to there own opinion but I see other things taking priority over abortion (just my opinion). Where did he learn the lie that abortion is a high priority and that Romney was going to outlaw it? THE MEDIA!
The media is such a propaganda machine, example. My locale paper will run a story (opinion piece) about racism, every single day. I stopped buying it. I agree there is racism but if you sell racism it is never going to go away. Fox News had General Petraeus and his extramarital affair on all day everyday. That is when I stopped watching Fox News. Distractions is all the media runs with today.
If the media would plaster all over the News Papers and News Programs about the SS Ponzi scheme People would pay more attention and maybe we could find out what to do about it.
here we have Governors outlawing Super size sodas...What a waste of tax payers money
There are Bigger and MUCH more important things are reps. should be working on.... :fp:
i had no idea jose ... very sorry
You you
The government of this country makes me sick. It is so large and so out of control and nobody is doing anything meaningful about it.
I haven't counted on Social Security ONE BIT to help in my retirement from the moment I got out of college. I just assume it won't be available to me and so I'm planning to live without it.
...are those who've helped us.
Right 'round the corner could be bigger than ourselves.
Exactly. The government should be in the business of RUNNING THE COUNTRY. That is the criteria on which we should vote....not a bunch of personal/social issues that government shouldn't be sticking its nose into anyway.
...are those who've helped us.
Right 'round the corner could be bigger than ourselves.
That naivety is long-gone - same assumptions as you now.
Yep pretty much the same for me i've been putting my own money away into someother avenues for retirement if i get SS checks good if not oh well ..
Yeah... Damn the media for... Reporting the words that came out of his own pie hole... HOW DARE THEY REPORT THINGS HE SAID!?!?!?
http://abcnews.go.com/politics/t/blogEntry?id=17446492
"Romney frequently touted his desire to defund Planned Parenthood, an organization that provides abortions and other services to women, during the Republican primary.
He added during a debate in January that he'd like to see Roe v. Wade overturned, referring to the 1973 Supreme Court ruling that made abortion legal.
"There's no legislation with regards to abortion that I'm familiar with that would become part of my agenda."
isn't that a quote that means he won't actively pursue any abortion related legislation as apart of his agenda?
that is separate from reversing course on an executive order and changing the budget...
http://www.politico.com/news/stories/1012/82225.html
first line of the story
Mitt Romney on Tuesday said he would not pursue any abortion-related legislation if elected president.
I think we all know he would have signed an abortion bill he was presented with, but he basically said it wouldn't be his focus...But what does that even mean really, he is the epitome of the "for it before I was against it" candidate. Just a terrible terrible candidate.
but this isn't an abortion thread, plenty of those, this is a thread on how ridiculously abused social security funds are...and by abused I mean used as a debt agent to have more money to spend without calling it a tax.
It is terrifying when you are too stupid to know who is dumb
- Joe Rogan
"Life Is What Happens To You When Your Busy Making Other Plans" John Lennon
Yeah really
Well yes.
but the three lines put together explain that he's said various things at various times and that he did at one time say he wanted to overturn RvW. And my point was that ariel shouldn't blame "THE MEDIA" for believing that he would do something when he himself said he would do it. Yes, he changed position on that but he changes position more than Jenna Jamieson.