Home > Celebrating Social Security- America’s Longest Running Ponzi Scheme

Celebrating Social Security- America’s Longest Running Ponzi Scheme

August 13, 2010 at 11:02 am Matt Leave a comment Go to comments

From the Dayton Daily News:

John Kelly recalls that his father paid payroll taxes into Social Security in the program’s early days, but didn’t live long enough to receive benefits from it.

“But I made up for it,” said Kelly, 81, of Beavercreek, who counts Social Security as half of the retirement income for he and his wife, who raised six children. Kelly started drawing Social Security checks at 62.

“It’s given me more independence. I’ve been able to do things I wouldn’t have been able to do,” said Kelly, a retired Air Force fighter pilot and former University of Dayton job-placement counselor, who enjoyed traveling until recent years.

Several others who gathered with Kelly earlier this month for a day of activities at Beavercreek Senior Center said they, too, count on Social Security for roughly half their retirement income.

“It’s a whole lot of security,” said James R. Sweet, 91, a former coal miner who has received insurance benefits in retirement from the United Mine Workers union.

AARP, formerly the American Association of Retired Persons, which advocates for people 50 and older, recommends that people plan to have more than just Social Security as a means of retirement income.

Kieffer Thompson, 31, of Dayton, is already on that path. He has a pension program through his employer and pays into a 401(k) account, “so I won’t be dependent on Social Security.”

Still, Thompson recognizes the value of Social Security, which he said provided critical income for a grandmother who recently died.

“I think Social Security is a great idea,” he said.

The program is marking its 75th anniversary. President Franklin D. Roosevelt signed the Social Security Act into law on Aug. 14, 1935, at the White House.

Last week, Obama administration officials who serve as trustees of Social Security stuck to a forecast that the program’s trust fund will run out of money in 2037. The administration contends that, even when the trust fund is exhausted, continuing tax revenue will still be enough to pay more than 75 percent of projected benefits.

And it was created at a time where you were likely to not live long enough to collect social security in the first place… especially if you were an African America with shorter average life expectancies.

Now with the baby boomers retiring, we’re approaching a situation where every two workers will be supporting 1 retiree. It’s an absurd, unsustainable system that should be privatized.

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  1. Ohio Health
    August 14th, 2010 at 04:52 | #1

    I think SS is a great idea too. I just hope I will be able to collect in about 20 years. Mu gut feeling says yes, but there will have to be some changes.

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