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Public Statements

Issue Position: Social Security

Issue Position

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Date:
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There has been a lot made of branding Social Security as a "Ponzi Scheme". Those that have attacked this labeling apparently are unfamiliar with the definition of a pyramid scheme, simply stated any financial arrangement that depends upon an ever increasing group of participants to provide funds to reward or reimburse earlier entrants into the system AND is subject to failure when the number of benefactors nears, equals or exceeds the non-benefiting participants. This is exactly the future condition that politicians know will collapse Social Security in the near future. This is not fear mongering - it is an economic fact of life. The citizens participating are not responsible for the mishandling of this "insurance" system and rightfully expect the Federal Government to fulfill the promise of a retirement they have contributed into for their entire careers. The politicians and administrators who failed to sufficiently fund the "trust fund" and borrowed (confiscated) those funds to spend on unrelated needs are the ones to blame - it is their to responsibility rehabilitate and restore the monies to assure that all eligible recipients promptly receive their promised benefits. This shortfall is easily restored by implementing sufficient funding to secure adequate "Trust Fund" reserves and insure that the reserves are "vested" in interest-bearing insured investment instruments


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