Is Social Security a Ponzi Scheme? Let's Chat Gov. Perry.....
It has become somewhat axiomatic in my opinion that watching our so called leaders in D.C. formally and informally debate the social security issue among others, is somewhat like yours truly attempting to watch The Joy Behar Show. Difficult in the extreme, but as I digress, let us take a more serious view on this currently key issue.
When the program was initiated let us recall that the maximum allowable to be charged to a worker was 2% and not to exceed $3,000 annually. Seems reasonable. Have a look today and you will notice we are hovering in the 15% range and the current caps approximate $15,000. Ouch indeed!
In its infinite wisdom our Congress has spent the last 70 odd years increasing the annual burden. Why is this? Well in 1964 LBJ found a way to tap in to the so called trust fund and pillage it. Subsequently Congress had learned a new trick. Spend all the cash to buy more votes and stuff the trust fund box with IOU's. Let someone worry about it in the next century. I submit if we actually had an individual account for these monies and allowed to watch them grow over time as a 401k program does, even if we were only allowed to invest in US treasuries, well I believe no one would be complaining at this point. Today if you were to pass on at age 62, the tens of thousands in which you had " invested " would become virtually moot. A pittance for your heirs at best. You have only to look at the dynamic change in Chile after they implemented such a program and needless to say, it has and is a major boon for that fine nation. And it can be left to your family in toto upon your passing. Great and wise deal.Continued on the next page