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Social Security……A Ponzi Scheme? Maybe you should look at your insurance company.

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If I hear one more crack pot whining about Social Security being a [Ponzi scheme] I think my head will implode.  SS is a retirement fund and one totally funded by taxpaying workers.  Even to some extent by those [have mores] who only pay on a portion of their earnings as opposed to us [have nots or have less] that pay on all of our earnings.  Come retirement day even the rich guys will be lining up for the monthly Social Security check. They’ll think it’s a really good deal then and won’t say the word [Ponzi].

 

All the chronic whiners who throw old Ponzi out there as though he was some creature from hell seem not to be aware that those insurance companies that charge exorbitant rates for policies they have no intention of honoring, are modeled on the same premise as Social Security is.  Only SS actually pays as promised whereas your insurer most likely won’t unless you sue them..and then you’re not likely to win.  Now there is a refined Ponzi scheme for you: even Ponzi attempted to pay at least some of his investors back……your insurance company has no such intentions unless forced to.

 

As employees, we INVEST in SS with each and every paycheck we earn.  The federal government DOES NOT fund SS in any way.  Currently, and for the past thirty years, SS has produced a massive surplus and is currently producing about 150 billion a year beyond what it needs to pay all claims. 

 

When the government announces the yearly budget, it is immediately offset by the amount that will be stolen from SS and used for other purposes.  So, add 150 billion to the announced budget total: this will give you a more realistic total for what the government is going to spend using your money.

 

Lets look at those insurance companies. 

 

You are forced to buy insurance whether you want it or not, if you own a vehicle.  You are forced to pay extortion rates for health insurance…..or go without.  This leaves you either very sick or on welfare or just treading water until the health issues pass.

 

But what happens to those millions of premiums paid by people who have never accessed their policies or tried to, or who were informed by their insurer that for some reason their ridiculously priced policy doesn’t cover that problem they have?  What happens to those billions and billions of dollars paid in premiums year after year to companies that have no intention of paying anything but the smallest portion of claims?

 

We don’t know what happens to these accumulated premiums because they are used for anything and everything other than honoring the policies the insurance company sold.  For every $1 that is paid out on claims, $2 is spent trying to avoid legitimate claims and even with this, they still honor less than 20% of the claims made on policies.

 

In fact, we just bailed out a few biggy insurance companies that have continued to sell policies and to conduct the business of selling [insurance] after destroying the financial sector of the country with risky business ventures that we can only speculate about.  We have to speculate because they were not required to divulge just exactly where the money had gone and what exactly they had done with it.  All we know is that it wasn’t used for honoring the contracted insurance policies they sold and continue to sell.  I call this breach of contract and you should be able to sue on that premise, but try finding a judge for that one…..in fact, lots of luck even finding an attorney.

 

In fact, a fair portion of the investments we all made in Social Security just this year will go directly to bail out the biggest PONZI schemes ever devised by people who had no intention of ever making good on their promises. 

 

And this is how we come to the [unfunded liabilities] section of the federal budget.

 

  • First we tax workers on their wages for their retirement.

 

  • Then, we make the SS trust fund available to the general fund because it has and continues to produce a massive surplus each year.

 

  • We use the money stolen from workers accounts to finance wars, to cover up the massive loss of revenues from preferential treatment of the upper 3%, and to fund the day to day operations of the government that is the thief of these funds.

 

 

  • Later, we use these stolen retirement funds to bail out Wall Street, corrupt insurance companies and all of our crooked cronies who enriched themselves at the expense of the entire country

 

  • Then we start crying about SS being an [unfunded liability] because we stole so damn much money from this program, which we never had any intention of paying back, we have potentially run it into a hole.  Fearing that the worst could happen, we present this as a false scenario hoping to convince the very people we victimized when we stole their retirement investments that somewhere in the future, at a time far, far away, this retirement investment account might only be able to pay a portion of its claims.

 

Only even that last statement isn’t true. The part about them never intending to pay it back is, but the part about it being in the red in the future isn’t.  The fact is, left alone and untampered with, SS will still produce far more than it pays out.  

 

The next time someone tells you that SS is a Ponzi scheme……direct them to their insurance company and ask them to explain that one.  Then ask them what happens when and if they try to make a claim.  Ask them when the last time was that insurance premiums were seized to finance the repayment to Social Security.

 

© 2008 Marti Oakley

 

 

 

 

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