Saturday, June 19, 2010
There Is No Trust Fund
Interesting piece on Classical Liberal Blog today talking about Sharron Angle's plan to replace social security with private accounts (that's what "W" was trying to accomplish for the younger folks). Angle is the lady who is scheduled to knock Harry Reid off his perch come November.
Here's a bit of it:
Look people. There is no money. Not in the social security "trust fund," nor anywhere else for that matter. Let me say it again, THERE IS NO MONEY!
The politicians promised you they'd put your savings away for your retirement. Heck, they confiscate the money from your paycheck before you can even put your hands on it! But they didn't save it, nor invest it. They spent it! Every single penny.
Social Security does not save or invest a single penny of your "contribution." Instead, they take your money and use it to pay current retirees. If there's any money leftover, it goes to fund the general budget of the federal government - welfare, war, you name it. The government is simply betting that it can continue to collect enough in taxes to keep the Ponzi Scheme going.
C'mon ... You don't need to be a financial guru to understand how risky an "investment" like that is!