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This sums up Social Security…

February 23, 2010
via email …..

This one tells the story exactly like it is

Why did Bernie Madoff go to prison? To make it simple, he talked people into investing with him. Trouble was, he didn’t invest their money. As time rolled on he simply took the money from the new investors to pay off the old investors. Finally there were too many old investors and not enough money from new investors coming in to keep the payments going. Next thing you know Madoff is one of the most hated men in America and he is off to jail.

Some of you know this .. but not enough of you . Madoff did to his investors what the government has been doing to us for over 60 years with Social Security. There is no meaningful difference between the two schemes … except that one was operated by a private individual who is now in jail, and the other is operated by politicians who enjoy perks, privileges and status in spite of their actions.

Do you need a side-by-side comparison here?


Takes money from investors with the promise that the money will be invested and made available to them later.


Takes money from wage earners with the promise that the money will be invested in a “Trust Fund” and made available later.


Instead of investing the money Madoff spends it on nice homes in the Hamptons and yachts.


Instead of depositing money in a Trust Fund the politicians use it for general spending and vote buying.


When the time comes to pay the investors back Madoff simply uses some of the new funds from newer investors to pay back the older investors.


When benefits for older investors become due the politicians pay them with money taken from younger and newer wage earners to pay the geezers.


When Madoff’s scheme is discovered all hell breaks loose. New investors won’t give him any more cash.


When Social Security runs out of money they simply force the taxpayers to send them some more.


Bernie Madoff is in jail.


Politicians remain in Washington.

2 Comments leave one →
  1. February 24, 2010 9:35 am

    The question is, since this is known, how come they keep doing it and getting away with it? Ever since the “Trust Fund” was established, there have been efforts to dedicate the moneys as intended, but somehow it just never gets done.

    OK, so we bitch, but has anyone done anything concrete to CHANGE it? No.

    I have a suggestion. Since “grass roots” efforts are so sexy, let’s do one. I suggest everyone write letters to their Senators and Representatives with an “either-or” choice and then publish the results on-line and by writing to local newspapers. For my own part, I plan to enclose a stamped, self addressed envelope with each letter.

    Here’s a suggested format:

    Dear ________________________,

    Ever since the Social Security Trust Fund was established to anticipate the deficits projected when the “Boomer” generation begins to retire (starting now, by the way), Congress has fraudulently utilized the funds collected to finance everything under the sun except Social Security. Please indicate whether or not you will initiate and/or support legislation during the next twelve months to dedicate Social Security Trust Fund revenues to their intended purpose of funding Social Security and forbid and outlaw any direct or indirect use of those funds for any other purpose whatsoever. Your response will be made public by all means possible and will influence my continued support of you as my elected Senator or Representative. If you decline to support or initiate such legislation, I intend to actively work to remove you from office.

    I will support or initiate such legislation ______.

    I will NOT support or initiate such legislation ______.

    Signed __________________________________

    Date ____________________________________


  1. This sums up Social Security… « ACGR#39;s “News with Attitude” |

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