Mar 24, 2010

SS and Medicare bigger rip-offs than the Madoff Ponzi scheme?

A John Stossel report at the link below says:

Bernie Madoff took money from people who thought he'd invested it, gave some to others who thought it was a partial return on their earlier investments and kept much for himself. That's called a Ponzi scheme, and his $50 billion fraud was called the biggest ever. But it wasn't the biggest. Social Security and Medicare are much bigger ones.

Social Security and Medicare are trillion-dollar scams. Medicare has a $36 trillion unfunded liability. Social Security's is $8 trillion. There's no money to keep those promises.

Congress isn't investigating the SS and Medicare scams because congress runs them.

The FICA money the government took out of your paycheck and put aside for your retirement is gone.

There's nothing left but IOUs backed by nothing.

Your money was spent not only on current retirees but on wars, welfare, corporate bailouts, earmarks and all the other stuff Congress wants. For years, this was possible because the FICA tax brought in surpluses that allowed government to pay retirees more than they contributed and still help buy those other things.

Then came the newly retiring baby boomers. In 2008, for the first time, Medicare and SS paid out more than it took in.

So instead of filling the government's coffers and hiding the real size of the budget deficit, the entitlement programs have now begun to drain the treasury.

Part of the "problem" is that we live longer. When Social Security started, most people didn't live to 65. Now we average 78.

Social Security and Medicare right now consume almost half the federal budget.

Now, with the pork-laden ObamaCare monstrosity, it won’t be long before SS and Medicare swallow the entire federal budget.

As Rep. Paul Ryan, R-Wisconsin, points out: "You literally cannot tax your way out of this problem. It's not mathematically possible. ... You wipe out the middle class."