Let's Be Honest With the American People
Reader comment on: Perry on Social Security
Submitted by Ed Thompson (United States), Sep 12, 2011 20:01
Rick Perry just does not understand Social Security. The 76 cents on the dollar figure has nothing whatsoever to do with what is "put into" (read: taxed) Social Security. Rather, it is estimated that by 2037 Social Security will only be able to pay 76% of promised benefits.
But promised benefits have precious little to do with a working lifetime of taxes paid through FICA. The system is biased toward low-income workers at the expense of high-income workers. Furthermore, Social Security is a pay-as-you-go program; current workers pay current retirees. No one receives benefits paid for. The idea that one "puts in" is a perversion of logic.
Mr. Perry's reference to Ponzi scheme is an apt metaphor, one that has been around for decades, but it is misleading. Ponzi, or pyramid schemes are fraudulent and therefore are illegal. The Federal government has codified fraud into law, making a mockery of law.
Would be that Mr. Perry and other pols were fully "honest with the American people."
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