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Re: Dems Target Private Retirement Accounts 

By: oldCADuser in FFFT | Recommend this post (2)
Thu, 07 Nov 13 6:36 AM | 61 view(s)
Boardmark this board | Food For Further Thought 		Msg. 57498 of 65535
(This msg. is a reply to 57472 by Zimbler0)
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"Ponzi schemes work by taking dollars from current investors . . . to pay off previous investors. If enough new investors do not pony up the dollars, the scam collapses."

Which is exactly how every single insurance company in the world works today and has always worked. Exactly where do you think they get the money when they have to pay off on their policies? For example, where do you think these companies got the money to pay off the policies for the people who happened to die the during the first year that the company was open for business? Or do you think that they are not going to pay out a single dime until they've accumulated enough money in the bank to pay off every single outstanding policy?




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OCU


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Re: Dems Target Private Retirement Accounts
By: Zimbler0 in FFFT
Thu, 07 Nov 13 1:31 AM 		Msg. 57472 of 65535

OCU> As for your comment about how the Social Security 'trustfund' has been invested, can you image what it would be like today if Dubya had managed to get his way and had privatized Social Security back when he took office.



I believe I've said this before.
The current version of Social Security is a Ponzi
scheme ran by the government.

Your wife did not 'earn' anything vis-à-vis social
security. The government stole her money and now they
are giving her some of somebody elses money in the
name of a 'retirement benefit'. (That is how Ponzi
schemes work.)

We also have Social Security 'disability' and S.S.
'survivor benefits' . . . they might be necessary
but 'they' are stealing the money that is supposed
to be for folks S.S. retirements . . . NOT a good
thing for long term S.S. survivability.

As for Dubya's 'IRA for everybody scam' . . . That is
just as bad as the current S.S. Ponzi scheme - from
the opposite direction. The folks who need S.S. the
most are the ones least able to invest their moneys.
Instead of one massive Ponzi scheme like we got now,
we'd have thousands of little ones.

For my money, the best solution would be to :

1.) Scale back S.S. No more 'disability', no more
. . . 'survivors benefits'. S.S. should be retirement,
. . . nothing more.

2.) Social Security should then morph into the worlds
largest stock and bond mutual fund. Investing as a
blind index fund in the stocks and bonds of America's
larger and most profitable companies.

3.) Those already retired get fixed annuity
retirement checks. Young folks get shares in the S.S.
Mutual fund. Shares, which, when they retire,they can
sell, as needed, to provide for their retirement needs.
Those in between get a combination of a fixed annuity,
plus shares.

4.) Folks own the shares they have in the S.S. mutual
fund. It is a mandatory investment fund but they
do own their shares, and they can bequeath their
shares to their heirs when they die.

5.) Folks caught trying to 'insider trade' on what
S.S. is going to buy go to jail and get stripped of
all their assets - said assets go into the S.S. mutual
fund and 'redistributed' to all the share holders.

6.) Any politician who even thinks of tapping S.S.
for any reason goes to jail, loses all government
retirement thingies, and is subject to public
humiliation.

It will also be necessary for the federal government
to start running a surplus, so that it can buy back
the government paper which, laughingly, is supposed
to be a 'surplus' of assets for S.S. This so S.S.
can properly invest the money.

I could go on . . . .

Zim.

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