Mark Scaramella in the Anderson Valley Advertiser responds to a current local letter repeating one of the many false Republican bullshit memes that Social Security is a Ponzi Scheme…
TOTALLY WRONG LETTER OF THE WEEK
‘Social Security a Ponzi Scheme’
The writer… is wrong for several reasons.
The rightwing, aka Republicans, have been trying to get rid of Social Security since it was enacted by FDR. Calling it a “ponzi scheme” is just another cheap attempt to do that.
Ponzi schemes are frauds to benefit one person or an inside group of persons based on misrepresentations. Social security benefits us all and there are no misrepresentations as to where the money comes from or where it goes. It comes from all Americans and goes back to them after age 62 as they see fit.
Ponzi schemes collapse of their own weight and don’t deliver on their promises. Social Security has been around for decades and continues to deliver on its promises based on fully and openly audited revenues and disbursements. It would be even more solvent if it were means tested or if the earnings cap was lifted, but even without that Social Security delivers on its promises and is depended on by millions of aging and disabled Americans. The people who want to get rid of Social Security are rich and don’t need retirement protection. The only threat to Social Security is the government using its revenues as collateral for more borrowing and Wall Street which wants it all — now.
Ponzi schemes are based on fantasy methodologies that no ordinary person would believe unless they were gullible and greedy enough to want to believe them. Social Security has no fantasy or secret schemes and does not promise more than it can deliver…
Complete article here…