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Ron Paul: Social Security is a Ponzi Scheme

December 29, 2008 RSS Feed Print

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Ron Paul, via his website:

The government itself runs a fraud much bigger than Madoff’s. Our Social Security system is the very definition of a Ponzi, or pyramid scheme. If the government truly had an interest in protecting people’s savings, they would allow people to opt out of Social Security altogether. We would cut wasteful spending, such as our overseas empire, to honor current obligations to seniors, and eventually phase the program out. Instead, as with Enron and Sarbanes Oxley, I expect new, unrelated legislation to be proposed that further damages freedom in the name of protecting us, amidst loud proclamations that they have made the world safe.

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The Hamiltonian "blank check" view of Article 1, Section 8, of the US Constitution has won out, unfortunately. Giving politicians unlimited resources and a blank check, with only the vague notion of "general welfare", is a recipe made in hell... or rather one that is sending us to fiscal hell, anyway.
So... how has that blank check mentality worked out for us so far? $15 trillion in debt; trillion + deficits annually; and an entitlement spend that is almost equal to all tax $$ collected, annually, with a growth that will push us over 100% tax revenues, forcing us to borrow more just for entitlements, while funding the rest of the government on borrowed money, as well. How much is our annual spend on INTEREST ONLY (on our debt) going to increase, leaving even less revenues to fund government going forward?
Thanks, FDR. What a legacy you left us with. What a great example of good intentions paving the way to Hell. The entire camel is in the tent, now.

Antiliberalism of OH 12:36PM March 29, 2012

If it isnt a scheme then why is it forced? why shouldnt a person have a choice to opt out of paying into social security & invest their money themselves? If I invest in social security ponzi scheme for say 30 years....do I get payed back the loss of value of my money from the inflationary policies of the federal reserve banking scheme? No. I am forced to "invest" my money in a "trust" account. Over the years of me paying I will lose the purchasing value of my money because of inflation. Anyone who does not believe that a person should be allowed to opt out of the social security ponzi scheme that they pay thier hard earned money into in hopes to invest their money the way they see fit-needs to have their head examined. The funds have been robbed. Why would you EVER trust politicians with your money. You would be better off investing your own money than giving it to the politicians who will rob it now & blame somone else later down the road. Kick the can down the road, give the burdens to your children & grandchildren. Free people should have a choice as to what to do with thier money. Government force is used in a totalitarian society & its stated purpose is ALWAYS for the benefit of the people. As history reveals, nothing could be further from the truth.

Ian of MO 1:58PM September 12, 2011

Social Security is and always has been either a "pay-as-you-go" system or one that was partially advance-funded. Its structure, logic, and mode of operation have nothing in common with Ponzi schemes or chain letters or pyramid schemes.
The first modern social insurance program began in Germany in 1889 and has been in continuous operation for more than 100 years. The American Social Security system has been in continuous successful operation since 1935. Charles Ponzi's scheme lasted barely 200 days.

BankerBroker.com of CA 9:46PM September 11, 2011