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To: Brumar89 who wrote (235)	5/11/2012 3:39:44 PM
From: Brumar89	Respond to of 340

Grumpy Old Accountants: SS is a Ponzi scheme SOCIAL SECURITY IS A PONZI SCHEME ... If one would do that, he or she would conclude that Rick Perry is mostly correct about his observations, though the present-day social security system does have a few features that distinguish it from traditional financial Ponzi schemes. ..... So, what will trigger an end to this financial fraud? The government’s Ponzi scheme will not unravel because the public opts out of the system and demands repayment. The government no longer allows taxpayers to opt out; neither can anybody get a refund. Moreover, today’s rates of return on social security are very low and, in fact, negative for some workers. Even so, today’s workers are forced into the system, even though there is an increasing likelihood that many younger workers will never receive a dime. Don’t allow the politicians or their shamans trick you—social security will be bankrupt soon (if not so already). In part, this is because retirees are living much longer than when the system was devised in the 1930s. Changing demographics also contribute to the problem. When originally conceived, 16 workers supported each retired person on social security; today only 1.75 workers support a retiree. That today’s social security system is neither social nor secure is not news. So says the President’s Commission to Strengthen Social Security. As an aside, we find it curious that some of the members of this commission are former members of Congress. What we would like to know is why are they speaking so ominously now, but refused to sound alarms when they were elected officials? ..... Only when we unmask the social security system for what it really is will there be a chance of reforming it for future generations. Only then can we put a stop to this intergenerational Ponzi scheme. blogs.smeal.psu.edu