Wednesday, July 15, 2009

Ponzi scheme or successful benefit

I came across this post by member name 'DrGalackowitz' on forum. Some very interesting comparisons are made, but don't let me try to sway you...see for yourself:

Let me describe this investment opportunity for you. You'll love it. First we're going to take a chunk of your paycheck every month. No you don't have to send in anything we'll just take it from you before you get your check. You employer will also match your "contribution". Oh yeah we'll take that from them too. No don't be silly you don't get any say in it and you don't get to opt out either. What's the matter don't you trust your government? We're going to use your money to pay benefits to other previous "investors" who need the money now for their retirement. Oh don't worry, we're the government we'll take good care of your money for you. Will you get back everything you put into the system? Well of course not silly. Don't forget that there will be lots of people who will want benefits who havn't put in as much as you have so we'll need to spread it around to even things out. Don't be so selfish. No your money won't grow and you'll only get back a fraction of what you put in but we need to make sure the sytem is fair and equitable. Well's not equitable contributions we worry's fair payouts. I mean if someone comes to this country when they are in their 50's and wants retirement benefits how fair is it to them that you had the chance to pay in for 30 more years than they did? Why should they be punished for that? Again. Stop being so selfish. What? Oh. Just sign right here on the dotted line. This is the best investment program you'll ever see. Trust me I'm from the Goverment!

To me, the social security system seems like one big Ponzi scheme. Didn't Bernard Madoff just get sentenced to 150 years for this very thing?

No comments: