The Ultimate PONZI Scheme

Discussion in 'General Discussion' started by Insulation Tim, May 8, 2009.

  1. Insulation Tim

    Insulation Tim Well-Known Member

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    I have thought this for a long time....others apparently agree.

    Is Social Security a Ponzi Scheme?


    By David Skarica



    Q: Recently, Bernie Madoff was given credit for running the largest Ponzi scheme ever operated. But in fact, isn't our Social Security system nothing more than a large Ponzi scheme that has been raided many times over the years, diverting funds from the rightful owner, the taxpayer, into programs benefiting politicians? If it is illegal for individuals to fraudulently represent our investments, why do we let our government do the same? Is this just another example of the dual system of justice perpetuated by our politicians?

    A: The definition of a Ponzi scheme is one where the money that comes into the scheme goes to pay out investors who are cashing in. As Social Security is a pay-as-you-go system, draw your own conclusions, but it could fit the bill.
     
  2. It has been since Roosevelt introduced it in the 1930s, Tim, and like all Ponzi schemes, the later investors, sooner or later, are going to end up with what the Littlest Piggy got. I think that became even more evident when Congress acted, first in the 1970s, to intermingle SS funds and payouts with General Revenue. Without massive tax increases, the system simply cannot sustain itself.
     

  3. artabr

    artabr New Member

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    First off, let me say that Madoff is a thief and should rot in jail, but.......

    SS is the biggest Ponzi ever run. When I first saw the Madoff story I said what's the big deal, the feds have been running the same game for years.

    I paid into SS for 35 years and I know for a fact that neather I nor anyone in my family will never see 1 red cent of MY money before or after I die. I have no minor children or wife who could collect of my name. The Feds, in my opinion, or no different than ol' Bernie Madoff.

    I'll stop here before I get politically incorrect. Think crazy checks and Welfare moms. :rolleyes: :mad:


    Art
     
    Last edited: May 8, 2009