What is Social Security? by Michael on June 7, 2010
>Have you ever wondered how Social Security works?
The Gooferment, using its gun power, has stolen and continues to steal from the workers taxes under the guise of “insurance”.
Like a Ponzi scheme, it uses what it steals from current workers to pay off older workers. Unlike a Ponzi scheme, it’s almost impossible to avoid this theft.
In practical terms, this program transfers money from poor minority men to rich white women.
It’s intergenerational theft!
And, as an “investment”, it’s the rough equivalent a negative rate of return estimated between 2 and 5%.
>President Franklin D. Roosevelt wanted to assist the elderly
While we’ll never know what he wanted, but we do know he was a “progressive” who admired socialism.
It was asserted that “social security” was a big step on the road to socialism. Huge societal changes were initiated by this action. In effect, he put the old on the dole.
>impact on Americans by the Depression
A Depression that was caused by the Congress in passing the Smoot Hawley tariff and exacerbated by the (unconstitutional and monopolistic) Federal Reserve Bank. So, the answer is, of course, “more gooferment”!
>Before Social Security, care and monetary funding for these individuals
Was their own responsibility. And that of their family. Multi-generation family farms were common BEFORE social security.
And, don’t overlook the fact that Congress changes the rules as it sees fit. Try doing that if you were an insurance company.
Social Security is a disaster. And, as such, everyone should be VERY careful in including it in their financial plans.
And, bear in mind that the Gooferment needs money, and the IRA / 401ks are held by “Custodians”. So everyone should be worried that they will have their IRA and or 401k when they need it to retire.
Lest you think “it can’t happen here”, then think back on the Bank Holiday, the Gold Seizure, and the Japanese Internment.
“Government is not reason; it is not eloquence; it is force! Like fire, it is a dangerous servant, and a fearful master.” George Washington
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