Sunday, November 23, 2008

SOCIAL SECURITY IS A PONZI SCHEME

The entire subject of Social Security is of little interest to most Americans until they get closer to retirement. Once you’re at that point in your life it is actually too late to really do much about securing your financial stability in retirement.

One of the best pieces of advice I ever received from my father was to convert my U.S. Government Term Life insurance policy which I held following service in the U.S. Air Force to Straight Life insurance. Today I receive a yearly dividend check that is more than twice the annual policy premium amount. While insurance is not any part of Social Security it is an investment in your future financial security.

Hopefully some of my readers who are much younger will become more informed about Social Security and act to protect their financial position during their senior years. I know that as a youth I never expected to die nor did I think I would live long enough to reach senior citizen status, so the subject of Social Security was never important. Experience has proven that the subject is vital, and if you do not take appropriate action you will pay a frightful price in your senior years.

Yes, SOCIAL SECURITY IS A PONZI SCHEME. Let me draw your attention to a most important article written by Craig Steiner. It is well worth your time to read his article on the subject at: http://www.craigsteiner.us/articles/15

All of these statistics are within Craig’s article, but bear repeating…currently the U.S. Government has a National Debt of well over $10.578 trillion as of November 13, 2008. Since the inception of the Social Security Trust Fund back in 1940 our elected leaders in Congress have borrowed from that Fund a staggering total of $3.8 trillion dollars. There are I.O.U.s in that amount sitting in the Treasury, but the government has already spent that money, and has little or no intention or ability to pay it back. Thus, the Trust Fund will obviously run out of money, because there are more people becoming eligible for payments than there is money in the fund to pay them.

I suggest you read Craig’s article, because he clearly outlines politically unpopular ways to address this dilemma. The question that I would like to pose is…Now that the election is behind our elected officials why has this subject dropped off their agenda? The problem is not going to resolve itself, but there is not one politician who wants to address a solution. Why has Congress failed to repay or even acknowledge their obligation to return the Social Security Trust Fund to solvency?

Your Commander contends that our Congress has repeatedly dipped into the Trust Fund to increase their pay, perks, and self-serving earmarks. We have no one to blame but ourselves. We keep re-electing these selfish, ego-driven public servants, so now is the time to demand appropriate resolutions and constructive actions. When will we the voters demand accountability from our Congress?

COMMANDER GRANGER

1 comment:

Ensign EP said...

Having worked for so many years in the insurance business, I've seen many people making the mistake of not purchasing their life insurance while they are young and in good health. As far as the social security system - it is apparently not important enough for the current generation to take notice - until it is too late for them - very sad indeed.