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Politics : Politics for Pros- moderated
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To: Mary Cluney who wrote (112994)5/8/2005 10:49:30 AM
From: LindyBill  Read Replies (1) of 793882
 
There is no money in the trust fund

That's right. There isn't. It's full of bonds. Which are IOU's. The money collected has been spent. That is the way the program was set up. The whole "trust fund" was a con from the start.

It is what is know as a "Ponzi scheme," after Ponzi, the Italian who started up a bank in NYC back in the 20's. He got rich by paying off his depositors with the money deposited by new depositors. When Ponzi ran out of new depositors, the bank went under.

Our SS is based on having enough workers paying in to pay old farts like me now. With the idea that when I am gone and they get old, the workers then will pay for them. The problem is there aren't going to be enough new workers to cover the promises. So either the payments must be reduced, or the SS tax raised, or both.

That is what this whole SS argument is about.
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