POLITICAL: Unwinding the Social Security Ponzi scheme


Friday, January 9, 2009

Entitlements Part 1.5- Social Security

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This brought up enough discussion that some things deserve to be addressed in a venue more public then the comments section. I will address as much as I can in no particular order. Here it goes.

First of all I did not mean anything seriously bad to the older folks who read the blog or your peer group. I poked some fun but it is just that, fun. I take a few friendly shots at just about everyone given the right setting. I am enough of am asshole that if I wanted to say something really mean I would.

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The most interesting idea that came out of the comments was what happened in Chile with their SS plan in the 1970’s. If you are as familiar with that as I was three hours ago then read this. I think that is sort of idea is probably the best chance of making our system viable but I still have the same big question/ concern I had about going to a privatized system before reading that article.

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Guess who made that comment? It is a good discussion about the Social Security Ponzi scheme and how to plan around it. No need to rehash it here or repeat my comments. You can read them over there.

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LIBERTY: Don’t privitize Social Security. It’s too risky!


Thursday, October 02, 2008

Market meltdown is best argument against privatizing Social Security

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It has always been pretty clear to me that the notion that we could fix our retirement system by handing it over to Wall Street was, well, nuts.

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American workers shouldn’t have to face this kind of uncertainty. The cautionary tale is before us — listen to this NPR Morning Edition report on soon-to-be retirees who thought they would live off their savings and investments, but whom the experts now council to “keep on working.”

Posted by Hank Kalet at 3:00 PM

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Of course, I was enraged and commented:

fjohn said…


So let me understand this.

It’s OK to rob poor black men to pay off rich white women? (Who designed this one out, the KKK?)

It’s OK to rob the future generations in an intergenerational transfer of wealth. (Like eating your young?)

It’s OK to have a forced savings plan that has an implied interest rate of negative 2 percent. (OK, you may not have enough left from your job, but nanny gooferment will save you some dog food for your retirement.)

It’s OK for a poor person’s largest asset (i.e, “their” social security accrued benefits) to “evaporate” when they die. Absorbed back into the gooferment till for a $225 ‘death benefit’. (Even a passbook savings account can be inherited.)


Yes, save us from the Stock Market that earns an average of 8% a year over LONG periods of time.

Save us mommy gooferment from the big bad real world. The fact the the gooferment — specifically the congress critters took payoff from the monsters they created — caused the problem and you seek to save us by MORE gooferment.

Really explain it to me again. Use littler words. Cause I’m getting screwed by all you socialists and I can’t stand it any more.

Explain to me how Chile privitized their social security in 1970 with a population so illiterate they had to use pictures for the investment companies because people could NOT read the names. (Haven’t heard about dying old folks in Chile lately. Maybe everyone died of privitazation there and we have NOT had it reported yet?)


It must by the fault of those Liberty loving dead old white guys.

I’m sure they must have mentioned Social Security in the enumerated powers.

Please give me a break with this circular logic on an un-Constitutional un-Liberty disabling disempowering Socialist program.

Karl Marx must be laughing in his beer at us! Him and his cousin Groucho. They couldn’t have made a funnier skit.

4:39 PM

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In summation, don’t fix a failed program because of stock market volatility. What caused the volatility, criminal negligence by the ploiltical class.

OK. Lets kill the porgram completely.

Even if one stipulates that a bunch of dead old white guys 200 years ago can bind me to an obligation, let’s see where it says that you Socialists can steal my money “for my own good” of course.


Leave me alone. Take your Socialism and keep it to yourself.

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