Social INsecurity

The U.S. government's Social Security system is a Ponzi Scheme.

A Ponzi scheme–like the U.S. government’s Social Security program–will only last as long as there are enough fools to cover the payments promised to those who came before. The question is: when and how will the fraud finally come to light? And what will happen when Americans finally acknowledge it for what it is?

AARP’s “Take a Stand” Program

Jo Ann Jenkins, CEO of the American Association of Retired Persons (AARP) writes, “Social Security is a promise we’ve been able to keep for generations, thanks to the courage of many of our nation’s leaders.” Fascinating sentence, that.

I am intrigued most especially by the reference to “we”—that “we’ve been able to keep” some “promise.” Who is this “we”?

And the idea of “courage” on the part of “our nation’s leaders.” –Really?

Jenkins attempts to explain herself:

The struggle to enact and improve Social Security took the leadership of Presidents Franklin D. Roosevelt, who started the program, and Ronald Reagan, whose bipartisan efforts saved the program from fiscal ruin in the 1980s. They stood up to critics, bridged political divides, and fought off constitutional challenges to protect the retirement security of the middle class and help keep tens of millions of Americans and their families financially resilient.

Now, she says, presumptive political leaders need to “tell all Americans how they’ll update Social Security . . . [to] keep [it] strong. . . . That’s why AARP [has created its “Take a Stand” program to press] the [current presidential] candidates to spell out their plans to keep Social Security’s promise alive for our children and grandchildren.”

Stirring words. Too bad they are so out of touch with reality.

If you are hoping to be Ready2Prosper in your older years, you would do well to pay attention. (more…)