http://en.wikipedia.org/wiki/Joe_Crummey

Today, I listened to Crummy argue that SS was NOT a Ponzi scheme.

Au contraire … …

In a very technical sense, it’s not. In a Ponzi, the victims have a the choice NOT to participate; in “social security insurance”, there’s no choice.

A caller challenged and he objected to the word “fraudulent”. He’s wrong! SSI was sold to the American people that it would always be tax free. It’s not! It was sold as “insurance”. It’s not! It was sold as retirement savings and disability insurance. It’s not.

It IS a fraud because the “lockbox” is full do IOUs. And, the “terms” change at the whims of Congress.

In last night’s debate, Herman Cain correctly cited Chile in the 1970’s escaping the trap of “social security becomes welfare”.

We need to learn from Chile. We need to call things as they are.

Screwed Up!

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