"Whatever He’s Smoking, Please Give Me Some! Obama and the Social Security Lie"

[thehighwaymanq]

Check out this exceptional article by Alex Reagen of Generation (Ale)X (http://generationalex.blogspot.com/). She discusses the social security hoax, the history behind it, and the future (or lack of) the program.


"Social Security is not in crisis. We're going to have to make some modest adjustments in order to strengthen it. There are some fairly modest changes that could be made without resorting to any newfangled schemes that would continue Social Security for another 75 years, where everybody would get the benefits they deserve."
-Barack Obama,


Holy crap, where do I start? Now that I’ve taken my jaw off the floor, I can write my thoughts on this bombshell delivered by President Obama yesterday. You know, it’s one thing when someone says something wrong simply because they had incorrect information. But, it is quite another when someone just outright lies to your face. Or maybe he’s just high. If that’s the case, I’ll have what he’s having. That stuff must be good.

Here’s the thing…of all the people in these United States, Generation X is going to get hit the HARDEST of anyone when it comes to the Ponzi scheme known as Social Security. If no changes are made to the current Social Security program, most estimates say it will be out of funds in 2037, which is great news for me. I will be 60. Currently, there are about 3.2 workers for every recipient. But, the boomers are retiring by the thousands each month, and that number will probably be more like 2 workers for every recipient in as little as 25 years. I am confident I will never see one dime from a Social Security payout, even after years of paying into the system.

It continues here... (http://generationalex.blogspot.com/2010_08_15_archive.html#8563148437942809700)

[FrankRep]

Reality of Social Security's Bankruptcy Sinking In
http://www.ronpaulforums.com/showthread.php?t=257121


Intergenerational Welfare, a.k.a. Social Security
http://www.thenewamerican.com/index.php/reviews/correction-please/3302-intergenerational-welfare-aka-social-security

Social Security’s Nest Egg is Officially Cracked
http://www.thenewamerican.com/index.php/economy/economics-mainmenu-44/3132-social-securitys-nest-egg-is-officially-cracked

Social Security Trust Fund in Red, Drawing on Federal IOUs
http://www.thenewamerican.com/index.php/economy/sectors-mainmenu-46/3134-social-security-trust-fund-in-the-red-its-now-drawing-on-federal-ious

Ponzi Schemes and Social Security
http://www.thenewamerican.com/index.php/economy/commentary-mainmenu-43/2669-ponzi-schemes-and-social-security

[thehighwaymanq]

Thanks Frank for the links- this is beyond absurd:


combined unfunded liability of the two programs has reached almost $107 trillion, or about seven times the size of the U.S. economy



Most Americans — nearly 80 percent of the total — now pay more in Social Security taxes than they do in income taxes this year.


For all of our paying into the system, keep in mind that there is no guarantee that we will get back what we have put in, or anything at all for that matter. The Supreme Court has already ruled that Americans have no legal and contractual property right to their “contributions.” In Flemming v. Nestor, the High Court held: “To engraft upon Social Security a concept of ‘accrued property rights’ would deprive it of the flexibility and boldness in adjustment to ever-changing conditions which it demands.” Nope, you don’t own that account, regardless of FDR’s promises.


Part of the reason that Social Security and Medicare are running a negative cash flow is the current recession — high unemployment numbers mean fewer people are paying the 15.3 percent FICA payroll tax (7.65 percent each for employer and employee) that sustains the programs


Social Security has been a pyramid [Ponzi] scheme from the beginning. Those who paid in first received money from those who paid in second -- and so on, generation after generation. This was great so long as the small generation when Social Security began was being supported by larger generations resulting from the baby boom. But, like all pyramid schemes, the whole thing is in big trouble once the pyramid stops growing. When the baby boomers retire, that will be the moment of truth.


A new CNN/Opinion Research Corporation poll finds that “pessimism over Social Security is at an all-time high as six in ten Americans who don’t already receive benefits through the program say they never will.” Specifically, “63 percent of Americans say the program won’t last another 70 years.”


“For the first time in nearly 30 years, Social Security will pay out more benefits than it receives in payroll taxes both this year and in 2011. By 2015, the program is expected regularly operate with an annual deficit.”

[TheBlackPeterSchiff]

Pres. Obama: "The Sky is down, the ground is Up"