• The Biggest Ponzi Scheme

      Rick Perry is absolutely right!

      America locked Bernie Madoff up for doing something very similar to what FDR and Congress did with your retirement money.

      My column this week explains how Social Security and Medicare are unsustainable and basically a country-wide Ponzi scheme.

      Many people think that when the government takes payroll tax from their paychecks, it goes to something like a savings account.... Nothing is invested. The money taken from you was spent by government that year. Right away. There's no trust fund.

      Republicans attack Rick Perry for calling Social Security a Ponzi scheme, but they shouldn't. Politicians ought to be honest; these programs can't continue in their current condition.

      What sustains a Ponzi scheme is deception. If people really knew how it worked, they wouldn't sign on. Social Security and Medicare are different. You could say no to Ponzi. I wouldn't advise saying no to the government. Not if you want to stay out of prison. Social Security is nothing more than a promise from politicians. The next gang can break the promise...anyone who believes Social Security is an investment plan really has only himself to blame.

      You can read my entire column here.

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      Government
      Social Security
      Medicare