http://www.dailyfinance.com/story/retire.../19804267/

Well...When one runs a ponzi scheme they must continue to generate enough revenue from future beneficiaries in order to pay those collecting today on their past investments. As long as they do this..everything is fine. It matters not that the original investment has been stolen. Unfortunately for this one...lots of its future beneficiaries are not contributing revenues due to being unemployed and the number of those seeking their returns continues to grow.

Uh Oh....We have a problem. The SS trust fund was long ago stolen by the government and now not enough money can be pilfered from the new investors.

I have ZERO faith that I will ever see a penny of the money stolen from me to finance the worlds largest running ponzi scheme.

And to help accelerate the process everyones SS deduction is being reduced by 2%. So they will be taking in less and paying out more. Ah yes. Fiscal responsibility.

America is not Greece and, God help us, never will be. But there's a lot of people in this country who (proverbially) are going to be left waiting at the station for a train that's not coming. As that realization slowly (or, not-so-slowly) seeps through the crowd, there's going to be some very ugly moments. For some of the larger cities where civic order is only a part-time deal right now while times are "good", I really fear to think what's coming over the horizon.

(01-23-2011 03:14 AM)Native Georgian Wrote:  America is not Greece and, God help us, never will be. But there's a lot of people in this country who (proverbially) are going to be left waiting at the station for a train that's not coming. As that realization slowly (or, not-so-slowly) seeps through the crowd, there's going to be some very ugly moments. For some of the larger cities where civic order is only a part-time deal right now while times are "good", I really fear to think what's coming over the horizon.

I actually hope the SS system comes very close to collapse. It will force Washington to reduce the size of governmental spending to prop it up. It also will make them look at allowing young people more control over their retirement through a portion being in instruments with better returns.

Failure of this ponzi scheme would be a good thing for America.

(01-23-2011 10:02 AM)Fo Shizzle Wrote:  

(01-23-2011 03:14 AM)Native Georgian Wrote:  America is not Greece and, God help us, never will be. But there's a lot of people in this country who (proverbially) are going to be left waiting at the station for a train that's not coming. As that realization slowly (or, not-so-slowly) seeps through the crowd, there's going to be some very ugly moments. For some of the larger cities where civic order is only a part-time deal right now while times are "good", I really fear to think what's coming over the horizon.

I actually hope the SS system comes very close to collapse. It will force Washington to reduce the size of governmental spending to prop it up. It also will make them look at allowing young people more control over their retirement through a portion being in instruments with better returns.

Failure of this ponzi scheme would be a good thing for America.

I don't see it going that way peacefully.