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Politics : Formerly About Advanced Micro Devices

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To: Alighieri who wrote (180916)	1/18/2004 9:17:25 PM
From: i-node	Read Replies (1) of 1574976

>> SS has been running a surplus for years. No, it hasn't -- not if you apply any reasonable accounting standards to SS -- the SS deficit is HUGE if we required it, as we do private pension funds, to accrue the unfunded liability for benefits actuarily required to be paid to current employees. The "surplus" is a "cash basis" surplus -- a method of accounting we tolerate for only the smallest of businesses. Even your local mom-and-pop grocery store is prohibited from using cash basis accounting as it does not "clearly reflect" income and expense. Yet, SS conveniently runs a "surplus" using cash basis accounting. A dictionary definition of "pyramid scheme" is as follows: "A fraudulent money-making scheme in which people are recruited to make payments to others above them in a hierarchy while expecting to receive payments from people recruited below them. Eventually the number of new recruits fails to sustain the payment structure, and the scheme collapses with most people losing the money they paid in. " This is as precise a definition of Social Security as can be made in two sentences.

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