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02/08/2005: "Hold on to Your Wallets The Social Security hussle"
Anyone under 30 should be worried, very worried about social security reform. Not for the reasons that are stated by the administration’s pundits and the Media. The truth is, that you are about to be fleeced, and fleeced by millionaires.
This should not be surprising, how do you think they got to be millionaires? The second oldest profession in the world, that of theft via power has gotten very good at it. No longer does the king ride around with his soldiers taking grain and goods from the populace, now they do it with the help of PR firms, lies and bigger lies.
Lie number 1. – Social Security is in crises.
Truth – Social Security is generating a SURPLUS of over 150 Billion dollars a year! It will continue to generate a surplus for another 20 years and then will still be collecting over 75% of the money it needs to pay out. Plus it will have the accumulated surplus to fall back on.
Lie number 2. – Social Security will run out of Money in 2040 or so.
Truth – depending on which economists you talk to, Social Security will continue to have lots of money for from 50 years to forever.
Lie number 3 – the current Administration’s proposal will preserve benefits for today’s young workers.
Truth – The administrations proposal will CUT benefits by at least 20% with NO decrease in the payroll tax.
Lie number 4 – The cut will be made up from the profits of Personal Retirement Accounts.
Truth – No one can tell you how much or if there will be any profits from Personal Retirement accounts. What we do know is that the cost to you of managing these accounts will be huge compared to what Social Security costs, and you will be competing with people who are very good at winning, and do it for a living! Ask anyone with a 401K how well that is working for them.
Remember, this is the same group who brought you – The Iraq war to stop weapons of mass destruction, The largest tax cut in history for the very wealthy, a Medicare drug program that guarantees outrageous profits for the Drug companies and no decrease in prices, The homeland security budget that gives Montana more money than New York City, Billions of dollars in no bid contracts for their supporters in Iraq, an Energy policy designed by Enron, for Enron and so much more.
These people are NOT on your side, unless you are a cowboy oilman from Texas.
Don’t believe their lies. And be afraid, be very afraid.