In one of my posts dated November 13, 2010 entitled "The 21st Century Selfless Solution To Heal & Rebuild America's Economy Through Non-Traditional Entrepreneurial Businesses," I explained that U.S.A. is a multi-level marketing country, and most of what is practiced is based on entrepreneurial principles. Yet, if you or I did the same, then it's labeled with negativity, and scrutiny.
Well, lo and behold, a POLITICIAN had FINALLY come forth, and PUT IT OUT THERE essentially validating what I'd wrote in my November 13th 2010 post that yes, the U.S. is a MLM country, via their own defined terms. In this case, the article that I'm about to post here details similarities of the Social Security system, and the Ponzi scheme.
It's good to know that some truth has revealed itself from a person whom I do not hold allegiance to in any way, whatsoever, but whenever you hear common sense analogies, and truth, regardless of who said it, it should be brought to the forefront with a well deserved notability.
And kudoes to writer, Michael Tanner, for writing the article, and explaining in detail the similarities between social security and the Charles Ponzi scheme, which otherwise may have had little impact to the article's relevance.
Yes, It Is a Ponzi Scheme In fact, Social Security is a bit worse than that.
Texas governor Rick Perry is being criticized for calling Social Security a “Ponzi scheme.” Even Mitt Romney is reportedly preparing to attack him for holding such a radical view. But if anything, Perry was being too kind.
The original Ponzi scheme was the brainchild of Charles Ponzi. Starting in 1916, the poor but enterprising Italian immigrant convinced people to allow him to invest their money. However, Ponzi never actually made any investments. He simply took the money he was given by later investors and gave it to his early investors, providing those early investors with a handsome profit. He then used these satisfied early investors as advertisements to get more investors. Unfortunately, in order to keep paying previous investors, Ponzi had to continue finding more and more new investors. Eventually, he couldn’t expand the number of new investors fast enough, and the scheme collapsed. Ponzi was convicted of fraud and sent to prison.
Social Security, on the other hand, forces people to invest in it through a mandatory payroll tax. A small portion of that money is used to buy special-issue Treasury bonds that the government will eventually have to repay, but the vast majority of the money you pay in Social Security taxes is not invested in anything. Instead, the money you pay into the system is used to pay benefits to those “early investors” who are retired today. When you retire, you will have to rely on the next generation of workers behind you to pay the taxes that will finance your benefits.
White House reacts to employment report: ‘Unemployment unacceptably high’
“Next Thursday, President Obama will outline a bipartisan plan to create jobs and generate growth that pulls the best ideas from both political parties. If Congress is serious about job creation, the package will pass,” Ms. Solis said. “The time for partisan bickering is over. The American people are fed up. Concerned citizens need to get engaged in this process, contact their leaders in Congress and hold them accountable.”
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