If a scam involves a couple hundred people and maybe a few hundred thousand dollars it’s called a pyramid scheme.
If it involves more people and hundreds of millions of dollars it’s called a Ponzi scheme.
But what do you call a fraudulent scheme based on the same premises of a pyramid and Ponzi scheme that involves everyone in the nation and billions perhaps trillions of dollars?
Give up? I doubt it, because you probably already realized exactly what that scam is called:
The single biggest scam, fraud and act of theft in the history of this nation.
There is no excuse for the socialists who originally passed this law—it’s a pity they’re no longer alive to stand trial for this fraud, and it’s a pity I don’t believe in a Hell for them to roast in for condemning their descendants to perpetual debt.
Whatever your opinion of the purpose of government you cannot escape the fact that this system cannot and will not ever pay for itself. It is a bankrupt system that needs to be eliminated.
Think about it, the system was designed to only be a supplement income, not be a sole income. The system was designed to pay for your retirement from 55 up when life expectancy was 57.2 years. Now people retire at 65 and live to 77. 12 years. And they’re using it as their sole income. And pretty soon the baby boomers (who sense they’re living off of Medicare to extend their lives far beyond what is practical) will be living decades after they retire. More people taking more out for longer periods of time. Don’t need to have a Ph.D. in mathematics to know that this is a scam and doomed to bankruptcy. (It hit bankruptcy years ago, we just haven’t admitted to this yet).
The only question is how do we kill this monster of a program before it kills us.
Now while I am at the point some days where I get so infuriated at the mix of stupidity and evil that exists in the very notion of such a system that I say just end the damn thing right now and let the chips fall where they may, my more rational side usually gets the better of me.
And since we’re dealing with the rational side, let’s be rational. Everyone under 45, just admit you were never going to see a dime anyway. You’ll have to keep paying for it until everyone over 45 is dead. That’s not fair, it’s not even just, but it is what has to be. We cannot just say screw you to everyone else (even though they may very well deserve it). It’s time to be the better person in this mess.
The retirement age needs to be raised to 70—even if you already retired. (I’d prefer 75 but I know that’s not going to happen). Early retirement at 65 will get you 10% of full retirement benefits. Harsh yes. Necessary to not bankrupt this nation for another two generations, unquestionable.
And if your income after your retire is over 40K a year without social security, you don’t get a dime. Again not fair, not just, but this BS system which was beyond immoral to be set up in the first place and we have to find the lesser of many wrongs here.
Next, everyone and I mean everyone on social security takes a 15% cut right off the top. On a fixed income? Can’t afford a 15% pay cut? Tough shit. I can’t exactly afford the amount that the government is stealing from me to pay for the fact you didn’t invest your money wisely. I would like to have this system paid off before my children (if I ever have them) graduate college and hit the work force. So sorry Grandma this is your punishment for allowing idiot socialists like LBJ vote your children’s wealth to you. (Really, anyone who supports social security should take a long look in the mirror and realize they are asking a younger generation to pay for their incompetence and inability to plan for retirement. Seppuku from the more than deserved guilt might then be called for).
Anyone who isn’t already on Social Security can expect at least another cut starting at 5% for the people who will be getting on social security in the next five years. Every five year bracket after that takes another 5% cut. (Yes, that does mean that those between 45 and 50 will have a 50% cut in benefits by the time they retire, but they also have 35 years to plan for this.)
What I am suggesting is harsh, and sometimes cruel, but what is more heinous would be to burden another generation with this debt that our society has voted themselves on the back of descendents. After all it would take the most heinous sociopath to willfully leave their children in a worse world and life than the one they had. And if Congress doesn’t strip social security and if the public does not support them in doing so then this country is filled with nothing but that kind of sociopath.