It IS a Ponzi Scheme… There Are Only 1.75 Full-Time Private Sector Workers Per Social Security Recipient
Posted by Jim Hoft on Monday, September 12, 2011, 9:52 PM
Rick Perry was right…
According to the US Labor Department, there were only 1.75 full-time workers in the US last year to pay for each person receiving Social Security.
CNSNews.com reported:
There were only 1.75 full-time private-sector workers in the United States last year for each person receiving benefits from Social Security, according to data from the Bureau of Labor Statistics and the Social Security board of trustees.
That means that for each husband and wife who worked full-time in the private sector last year there was a Social Security recipient somewhere in the country taking benefits from the federal government.
Most state and local workers are part of the Social Security system and pay Social Security taxes; and, since 1984, all federal workers have been part of the system and pay Social Security taxes. However, unlike private sector workers who pay Social Security taxes with private-sector dollars, government workers pay their payroll taxes out of wages government pays them with tax dollars or with money that was borrowed by government and taxpayers must eventually repay.
In its latest annual report, the Social Security board of trustees reported that the federal government’s total revenue from Social Security taxes in 2010—$544.8 billion—was not enough to cover Social Security’s total benefit payments—$577.4 billion.
ADVERTISEMENT
-
Featured Story:
YouTube Pulls Video of Trayvon Martin at Fight Club… But They Can’t Hide It Forever – Here It Is Again
Published May 22, 2012 at 5:04 am - 28 Comments
Sickofobama commented:
I didn’t watch the debate.
Can anyone tell me if Perry blasted Romney for sending out mailers to people in Florida saying he was going to take away their Social Security?
Perry should slap Mittens upside his head for that Democrat move.
Amjean commented:
Your continuous Perry supporting articles are very telling and boring.
Social security is not a Ponzi scheme – our government spent the money that was
collected to pay for the program. Do the math instead of being lazy and posting this
nonsense over and over.
Ron commented:
Governor Perry did well against the SS arguments. Not so well on the Gardisil or immigration debate. I find it very telling that the other candidates teamed up on Governor Perry though. It’s my opinion that Governor Perry needs to take the kid gloves and go after the others the way they go after him. Tonight hurt him, but didn’t do much to help the other too much. They attack what they fear and they fear Governor Perry. It still doesn’t change my support for the Governor. I still think he’s the best man to run the country.
tommy mc donnell commented:
where is all the money the politicans “borrowed” from the social security system. its time to pay it back.
Sickofobama commented:
#2:
Is there a large lockbox with all the contributions we have been sending in to it?
Let me know where that box is and I’ll be sure to go get my share out before Obama spends it.
Wake up fool!
gus commented:
AmDumb, you aren’t the sharpest tool in the shed. The GOVERMENT spent the money that it had promised ME, and MILLIONS of others. Even Al Gore (dumb as you) didn’t understand that. It’s a PONZI scheme. I’m sorry that you are an idiot.
Ginger commented:
This may upset you Perry lovers if you dare to listen and read most of the post!
http://www.breitbart.tv/huckabee-mitt-may-be-most-electable-republican/
Ginger commented:
Oh I fear Perry! More of the same as his buddy in the white house! Corrupted to the core!
Ron commented:
Crazy Uncle Ron is done, stick a fork in him. Michelle Bachman is a fighter I’ll give her that, but doesn’t have much of a record of accomplishments behind her. I’ll also say that I never had anything bad to say about her in the first place. A record of little or no accomplishments is a fact not an attack.
FurryGuy commented:
Next time engage your brain before you type. All you did was demonstrate you have nary a clue what a Ponzi scheme is.
Ron commented:
Ginger! Welcome back. I really liked Governor Palin’s performance in tonights debate. Oh that’s right; She wasn’t there. Run Sarah Run!
Ausonius commented:
And you know, it really matters not whether one sincerely tries and fails, or if someone doesn’t try at all. In the end, what matters is the failure.
For those wishing to condemn Gov. Perry on his statement, all I can say is at least he is being honest about the pending doom of this abominable system rather than ignoring it in the hope that the axe doesn’t fall on their watch, like Mr. Romney and others.
I wish Gov. Perry had as hard line about immigration, but I’ll hold out some hope that he will embrace something more palatable there. Romney would be no better on immigration, and a good deal worse on a number of other issues.
Social Security was, and is, a vote-buying scheme designed by, and maintained by, those who only desire power over their fellow human beings. Democrat or Republican, the system needs massive changes, not the least of which is a closure date to ensure future Americans are not duped into relying on it for their livelyhood. To deny this means that you see the numbers, and hope that the music stops after you have left office and are no longer held responsible.
I once thought politicians should be held financially liable for their misdoings; I’m not sure that my position has changed much. It should not be a profession of the foolish or stupid.
Valerie commented:
“#9 September 12, 2011 at 10:10 pm
Ron commented:”
Being a member of the minority in a housed of Congress does tend to limit the scope of one’s accomplishments. That said, she has done more than BO did before he ran for the Presidency. The question of qualification or accomplishment is moot in presidential politics.
#2 September 12, 2011 at 9:57 pm
Amjean commented:
“Social security is not a Ponzi scheme – our government spent the money….”
Social security did not start out as a Ponzi scheme. Congress converted it to a Ponzi scheme by raiding the proceeds, just like Bernie Madoff.
Ron commented:
Ginger:
Who is this Huckabee person you mentioned. Isn’t he like a talkshow host on Fox News or something? Oh yeah, didn’t he lose the nomination to McCain of all people in ’08? Come on now, you can do better than Huckabee can’t you?
Ginger commented:
I think retire05 changed her name to Ron. hmmmm I am bored. Have fun creaming in your pants over Perry!
Ron commented:
#13 Valerie:
Yeah you’re right. I still support Governor Perry though. Take a look at youtube and you can see what’s coming Michelle Bachman’s way. Sad but tru. She will be Tina Feyed just like governor Palin was. The youtube thing is vulgar and sexist so be prepared. I fear this is what any conservative female running for president is going to have to fight against this type of stuff, and sadly it’ll work.
gus commented:
Huckabee is FOX’s version of LAWRENCE WELK.
retire05 commented:
#13, Valerie, you say that SS did not start out as a Ponzi scheme?
“What is happening to the proceeds of the social security tax substantiates the predications of the harshest c ritics of the reserve fund provisions of the Social Security Act.” The author goes on to say “All this is an elaborate hocus-pocus by which the Government issues IOU’s payable to itself.”
Henry Hazlitt – 1937
Cee commented:
The problem with Social Security is the number of people who did not contribute to the system yet are entitled to collect as children of disabled or deceased workers, parents of deceased workers, and multiple current and ex spouses of retired or deceased workers who may or may not have earned benefits. Disabled children of workers can collect for life with no contributions of their own.
The fact the spouse of a deceased worker is eligible to collect benefits until the youngest child is 16 is absurd when most parents of preschoolers are in the workforce.
Why should adults who have never made any contribution to the SS system ever be entitled to collect? If we as a country wish to support these people, it should be under the welfare system and not the SS system.
The first way to reform SS is to require everyone who collects to have contributed – no more tagalongs. Nonworking spouses need to get off their duffs and work if they want to collect or the worker’s contribution should be apportioned between the two or any non-worker should be required to contribute if they want the coverage.
The next is to increase the required work credits for full benefits to compensate for the increase in lifespan over when SS was started. No only should proportioned benefits be based on age but also vested work credits. Say full SS coverage required 80 quarters (20 years) of work; the current 40 quarters would reduce the benefit to 1/2 of the age related benefit; 60 quarters would be 3/4. This would address the problem off foreign born SS beneficeries returning home after earning only 40 hours of credit and drawing on that basis when they had many more years of worklife available in the US. We need to reward longevity in the low income workforce and not short timers with high incomes.
Nana commented:
I can tell the is Perry’s Blogsite ..
gus commented:
The difference is that THE FEDERAL GOVT didn’t ASK for your or your employers DEPOSITS.
THE MANDATED THEM. PUNISHABLE BY LAW.
Ausonius commented:
Never forget that while FDR was claiming it was to be set aside as a separate fund, his attorneys were arguing in court that it was simply a law reliant upon Congress’s power to tax.
Sound familiar?
It is the same tactic played by the current potus on obomination care.
For those who live on social security as their sole means, I feel bad for you. The politicains will soon realize that their only hope to reduce the impact of the national debt is to devalue the currency. What you are receiving now will not have the same (or likely even remotely close to) buying power it has today.
Some of them are signaling that currency devaluation may be the only “fix” to the housing crisis also (all of the underwater mortgages soon become “above water”).
gus commented:
CEE, I disagree, I think the FEDERAL GOVERMENT should TAKE yours and your employers CONTRIBUTIONS to SOCIAL SECURITY and spend them on WHATEVER THE CHOOSE. And when it is made PUBLIC what they have done. MORONS can say that PAUL RYAN wants to KILL your GRANNIE!!
Ron commented:
“Have fun creaming your pants over Perry”. That’s called projection. You just can’t get him out of your mind can you? Does hubby know? I support him, not worship him. That’s the difference between Governor Perry’s supporters and you Nistas. We recognize that nobody’s perfect and are willing to point that out and criticize where criticism is warranted. Not ignore it out of blind love and devotion. Now crawl back under your bridge at C4P and Atlas
Ausonius commented:
Cee:
While that may indeed be part of the problem (expansion of those entitled), it is not the singular problem. It was a system designed to fail, just on somebody else’s watch.
Ron commented:
My comment was directed at Ginger. Forgot to put that in there.
atticcellar commented:
The whole US economy is a ponzi scheme.. Fiat currency is ponzi.. The criminal private Fedral reserve can just enter digits on a computer to replenish the social security fund to whatever level they want. Ron Paul is the only sane candidate calling for honest money and a curtailing of spending.. Enless war.. big government..
gus commented:
Yes!!! ATTIC!! We need to go back to the GOLD STANDARD!!!
Do you have any idea how stupid and IMPOSSIBLE that is??? No. You don’t.
Ginger commented:
Hey Ron….no I mean retire05. . Hey old fat bag any one want to see a picture of this witch Google retire05 The picture of the old hag in blue! At least I do not use a guys name as cover.
I have no intentions of lowering my self to your level . Oink! Oink!
gus commented:
Oh dear Ginger.
Ron commented:
Ginger: You lost the stooping to your level argument with the “Have fun creaming your pants over Perry” comment. Not very ladylike at all. Anything else sweetie?
Ron commented:
Ginger: That oink oink thing is what I heard a lot of when I was on the beat. Another time I was called a pig is when I was in a Veterans Day tribute in full dress alphas in ’94 at a college campus. It doesn’t bother me or have the effect on me that you seek. You can do better than that now can’t you?
workingclass artist commented:
I thought Perry held up well under another pileon. Newt did great. Bachmann was shrill and sounded desperate….She jumped the shark over Gardisil.
Hate to remind GOP voters but xenophobia won’t win the general.
Ron commented:
I guess Ginger is quitter, just like Palin. Get out when the going gets rough. Are you there Ginger? I’m sorry i hurt your feelings. Now come on out and play some more.
retire05 commented:
Ginger, there are no photos of me on Google, or anywhere else on the internet. So now, besides being a moron, you add liar to your resume.
Now, go get on your knees at the alter to Sarah Palin you have set up. Burn some candles, chant than and pray for your sanity to return.
Ron commented:
See you tomorrow Ginger. The wife is tired and we need to get some sleep. Perry 2012!
retire05 commented:
Ron, Ginger is just as looney as the Paulbots, only she’s a Palinista.
Ron commented:
Retire 05:
I guess she crawled back under her bridge at Atlas. We’ll hear from her again. Glad to see you here tonight, for a second there I thought it would be me against the Nista hordes alone tonight. Gus: Good to see you on the board too.
catwoman368 commented:
Ginger I have only heard that ugly comment one time in my life and i thought it was crude then and never to be used in mixed company. I think most of us get it, you hate Perry but you dont have to sling poop at those of us who do.I support Perry but I will support OBO as all the candidates are better than he is. However we must take the senate and get more conservatives elected.
Ron commented:
#33 workingclassartist: His performance wasn’t great on immigration either. No doubt it hurt him, but it’s still early. He’s getting good experience and it will help him when he goes against Obama in the Presidential debate. The piling on tonight by the others is very telling, he’ll adjust,overcome and adapt. Bachman showed thar she can get as Irrational and emotional as the libs with her attack and despite what some think, that won’t bold well with the voters. She’s got spunk though.
jorgen commented:
Yes and no. It is worse than a Ponzi scheme. At least Maddow’s Ponzi scheme was voluntary! SS is not.
Sandy commented:
I don’t care what kind of scheme Social Security is. For 6 decades it kept older people out of poverty.
Sandy commented:
First they steal Social Security money then they blame those who worked hard and paid in all their working lives for living too long.
atticcellar commented:
Sorry the system is broke.. The current worldwide fiat system is coming to an end.. Food, Water, Guns, Bullets and gold.. Boy Scout motto; Be Prepared!
Molon Labe commented:
#2
Of course social security isn’t a ponzi scheme. For it to be a Ponzi scheme you’d have to contribute volunatarily.
Its just plain theft.
You sir are a moron and would probably be interested in a wonderful investment opportunity in Nigeria.
jorgen commented:
#42 I don’t care what kind of scheme Social Security is. For 6 decades it kept older people out of poverty.
Of course SS is a necessity. But it needs a rethink.
KOMTM commented:
Would Government pension funds and union pension funds be considered Ponzi Schemes?
tommy mc donnell commented:
how many junkies collect social security because they are “disabled.” thank you disabled americans act. its vote buying schemes like this by the american politicans like rick perry that has social security on life support. anyone that refuses to recognize that the current state of the social security system is a result of politicans lootinf the system are the ones with their head in the sand.
the problem in america is that the goals of the american politican are in direct conflict with what is good for the american people. they are in office to rule not to serve. the looting of the social security is a perfect example. its the american people againist the american politican, all of them.
i know i’m going to have a tough time voting for another colonizer. i know the economy is a major factor in this election but how are going to like having a job if you have to live under sharia law.
Molon Labe commented:
#48
Show me a person who lives on social security and by government definition I’ll show you someone in poverty. Something that could have been averted if the individual could control his own retirement investments.