Saturday, September 17, 2011

Cold Hard Reality to Cut Through the Media and Political Doublespeak

Vote for whoever you want. All of the candidates are flawed and have had their share of gaffs. But the Governor from Texas, this Rick Perry fellow, was absolutely right in calling the present social security system a Ponzi scheme.
"When Social Security began making monthly distributions in 1940, there were 160 workers for every senior receiving benefits. In 1950, there were 16.5; today, three; in 20 years, there will be but two." ---Charles Krauthammer
Again:
  • 1940 = 160 workers for every senior receiving benefits
  • 1950 = 16.5 workers for every senior receiving benefits
  • 2011 = 3 workers for every senior receiving benefits
  • 2031 = 2 workers for every senior receiving benefits
How is this not a Ponzi scheme? See Krauthammer's article here.

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