On Thu, 04 Apr 2013 02:53:42 -0400, wrote:

On Wed, 03 Apr 2013 21:51:02 -0700, Urin Asshole
wrote:

Complete bull****. Stop listening to fox.

http://open.salon.com/blog/sickofstu..._you_t o_know


This article says exactly what I have been saying all along

" Loaning money to the federal government is a very bad idea, as the
only money the federal government has comes from the taxpayers. When
the government borrows money from the taxpayers, the only way they
have to pay our money back to us is to get even more money from us.
We, essentially, pay ourselves back. The federal government can only
raise money by raising our taxes or by borrowing money, which requires
the taxpayers to pay back the amount of the loan, plus interest.
Either way, the taxpayer will still be paying for their Social
Security benefits twice over or more as a result of loaning money to
the federal government."

They start out saying this is not a Ponzi and then prove it is.

No they don't. They said it's a trust fund. Look up the word trust and
the phrase "full faith and credit".


The only defense they have for saying it isn't is that we knew what we
were getting into when we did it so it can't be a fraud.

Nope. Never said.

They also act like all of the baby boomers paid over a quarter of a
million into the system, based on what a kid today will pay at the
current rate. I have my statement from SAA. I paid them a tad over
$100k (both sides 50k/50k), paying the max, every year I worked
(66-96) and nobody paid a dime more than that in those years. I will
get all of that back in less than 5 years of collecting. I have half
already. That number is actually a bit worse for me because I have to
pay taxes on my SS so it will really be more like 6-7 years to clear
that much.

Actuarially I am supposed to live to 79-80, I will have been
collecting for 16 years by then at over 20,000 a year.

How is that sustainable?

BTW I really got a kick out of their way to "fix" it.
Two of the 4 suggestions are simply higher taxes.

The other two are basically to privatize it, get rid of the trust fund
and invest in equities.
Where have we heard that before?

Your buddy Bush. Next question.