A POORLY RUN CRIMINAL ENTERPRISE
IN THE NEWS: GOVERNMENT HAS RUN OUT OF BORROWING AUTHORITY
AND NEEDS TO RAISE THE DEBT CEILING – AGAIN
OUR GOVERNMENT REMINDS ME OF A POORLY RUN CRIMINAL ENTERPRISE
With the nations debt having surpassed 31.5 Trillion Dollars the Administration is demanding that Congress raise the debt ceiling “again”. Like demanding that VISA raise the limit on your credit card after your interest payments on your current VISA balance exceed your ability to pay even the interest on the debt you already have. Similarly, government is unable to pay current interest rates on the nations debt and uses “smoke and mirrors” to say they are paying a reduced rate.
Looking at our 2023 current annual Federal Budget shows that 23 percent of the $1.7 Trillion Dollar budget is going to pay Social Security Benefits. That’s $391 Billion Dollars. But wait…… Social Security was founded as a sort of IRA (Individual Retirement Account) funded by your working career payments, along with employer contributions into a Government “protected” Trust Account which would earn interest over the years and provide you with an income on retirement. So what happened?
Nearly Four Years Ago I Wrote The Following Article
True Then – True Now
SOCIAL (IN)SECURITY PONZI SCHEME
GIVING YOUR MONEY TO CONGRESS TO INVEST
IS LIKE GIVING WHISKEY AND CAR KEYS TO A TEENAGER
When I was young and gullible I once believed the Social Security Administration maintained an investment account in my name into which they put my, and my employers Social Security contributions and then added interest during my working career.
This was the BIG LIE we were all led to believe.
What was really happening was all this money was being stolen by Congress to spend as they saw fit and they were replacing the money in the Social Security “Ledger” with worthless I.O.U.’s to be paid out on a supposedly “Pay As You Go” basis from “future” anticipated revenues. This is the textbook definition of a Ponzi Scheme which they would put us in jail for if we put in practice on others.
The system is structurally Bankrupt and “benefits” (more later) are being paid through a “smoke and mirrors” accounting trick using borrowed deficit spending.
Instead of an “investment account” maintained in our name, Congress now calls the Social Security “payback” an Entitlement Program as if it was like a Welfare Program.
HEY CONGRESS! This was money taken out of our checks, at gunpoint when needed, and put into an account supposedly in our name and into which an equal share was paid by our employers – money they could have given to us in salary if it was not being confiscated by the Federal Government.
It is not like these elected “Clowns, Criminals and Lunatics” don’t know what an Actuarial Table is. They do. But, they would prefer to treat us all as if we are stupid and not aware of their little “slight of hand” maneuvers with OUR money.
At the present time the Government withholds (confiscates) 6.2% of your gross paycheck for Social Security AND your employer pays to them an additional amount equal to 6.2% of your gross pay. There are some “thresholds” (upper and lower) on this but for the vast majority of us these numbers apply. Don’t forget that if your employer was not required to pay this to the Government, they could give it to you in salary. That totals 12.4%.
Just for fun I took an Actuarial Table (readily available on line – Google) and did a sample based on an average 40 year working career – that is like going to work at 25 years old and retiring at 65 years old. Some folks make more and some folks make less but for this example I assumed an average annual salary of $50,000 with no increases over the 40 year period. That would be an average monthly income of $4,166 (and some change). 12.4% of $4,166 is $516 (rounded down). If you “plug in” $516 into the Actuarial Table for the first month and then add that amount to your account monthly over a 40 year period at 4% interest (chump change to a competent Investment Firm) you will end up at the end of your 40 year period with….. are you ready….. $614,474.00
But don’t trust me. Run you own numbers. At 5% interest that number jumps to $794,504.00.
You could easily live out the rest of your years when you retire with a nice income and leave the rest to your family or favorite charity.
HELLO CONGRESS! Where’s my money.
Something to think about.
Bob Bandy – Right Again 🙂 January 2023
Hello,
1Thank you and appreciate your input. I use spellcheck and have them proofread before publishing but still make errors. Bob
excellent points altogether, you simply won a logo new reader. What would you suggest about your submit that you just made a few days ago? Any positive?
2Hi there very nice blog!! Guy .. Excellent .. Superb .. I will bookmark your blog and take the feeds also?I am satisfied to find a lot of useful info here in the put up, we need develop extra strategies on this regard, thank you for sharing. . . . . .
3Good day! I simply wish to give a huge thumbs up for the great information you have here on this post. I shall be coming back to your weblog for more soon.
4Hello,
5Thank you. Not sure which one you are referring to. Usually takes a week or so for comments to come back in after an article is posted. Not sure why. Bob
We are a group of volunteers and starting a new scheme in our community. Your website provided us with valuable info to work on. You’ve done an impressive job and our entire community will be thankful to you.
6What?s Going down i’m new to this, I stumbled upon this I’ve discovered It positively useful and it has helped me out loads. I am hoping to give a contribution & help other customers like its aided me. Great job.
7Wow! This could be one particular of the most useful blogs We have ever arrive across on this subject. Basically Great. I’m also a specialist in this topic so I can understand your hard work.
8I’m not that much of a online reader to be honest but your sites really nice, keep it up! I’ll go ahead and bookmark your website to come back down the road. Cheers
9Hey there! I’ve been following your web site for a long time now and finally got the courage to go ahead and give you a shout out from Austin Texas! Just wanted to say keep up the great work!
10I have recently started a website, the information you offer on this site has helped me greatly. Thanks for all of your time & work.
11Howdy! Someone in my Facebook group shared this website with us so I came to take a look. I’m definitely loving the information. I’m book-marking and will be tweeting this to my followers! Excellent blog and superb style and design.
12Music began playing anytime I opened this website, so frustrating!
13Hello,
14I do not have any music attached to my website. ???? Bob
I just added this website to my google reader, great stuff. Can not get enough!
15You could definitely see your enthusiasm in the work you write. The world hopes for even more passionate writers like you who aren’t afraid to say how they believe. Always follow your heart.
16Hey there are using WordPress for your blog platform? I’m new to the blog world but I’m trying to get started and set up my own. Do you require any html coding expertise to make your own blog? Any help would be really appreciated!
17What?s Happening i am new to this, I stumbled upon this I’ve discovered It absolutely helpful and it has aided me out loads. I’m hoping to give a contribution & aid different users like its helped me. Good job.
18Hello,
19I do use WordPress and the site is hosted on Bluehost. HTML is helpful but not required. Bob
There is certainly a lot to know about this issue. I really like all of the points you made.
20Pretty! This was a really wonderful post. Thank you for supplying this information.
21Hello my friend! I wish to say that this post is awesome, nice written and include approximately all important infos. I?d like to see more posts like this.
22I blog quite often and I really appreciate your information. Your article has truly peaked my interest. I am going to take a note of your blog and keep checking for new information about once a week. I subscribed to your Feed too.
23Hiya, I’m really glad I’ve found this info. Nowadays bloggers publish only about gossips and web and this is actually annoying. A good site with exciting content, that’s what I need. Thank you for keeping this web-site, I will be visiting it. Do you do newsletters? Can not find it.
24Hello,
25Thanks. My site is as close to a newsletter as I get. Bob
Can I simply just say what a relief to uncover somebody that really understands what they are discussing on the web. You actually understand how to bring an issue to light and make it important. More people need to look at this and understand this side of your story. It’s surprising you aren’t more popular because you certainly possess the gift.
26I like the valuable information you provide in your articles. I will bookmark your blog and check again here regularly. I’m quite certain I will learn many new stuff right here! Good luck for the next!
27This is the right webpage for anybody who would like to understand this topic. You know so much its almost hard to argue with you (not that I really will need to…HaHa). You certainly put a fresh spin on a subject which has been written about for many years. Wonderful stuff, just wonderful.
28An impressive share! I have just forwarded this onto a co-worker who had been doing a little homework on this. And he actually ordered me dinner because I stumbled upon it for him… lol. So let me reword this…. Thanks for the meal!! But yeah, thanks for spending time to talk about this subject here on your web site.
29Great information. Lucky me I found your blog by chance (stumbleupon). I have book-marked it for later!
30Excellent article. I certainly love this website. Keep writing!
31You need to participate in a contest for one of the best blogs on the web. I’ll recommend this web site!
32I couldn’t refrain from commenting. Well written.
33This site was… how do I say it? Relevant!! Finally I’ve found something which helped me. Kudos!
34Thank you for sharing indeed great looking !
35Pretty nice post. I just stumbled upon your weblog and wanted to say that I’ve really enjoyed surfing around your blog posts. In any case I?ll be subscribing to your rss feed and I hope you write again very soon!
36The information shared is of top quality which has to get appreciated at all levels. Well done…
37I was just seeking this info for some time. After 6 hours of continuous Googleing, finally I got it in your website. I wonder what’s the lack of Google strategy that don’t rank this kind of informative web sites in top of the list. Generally the top sites are full of garbage.
38A fascinating discussion is definitely worth comment. I think that you need to write more on this subject, it may not be a taboo subject but generally people do not discuss such issues. To the next! All the best.
39It’s difficult to find well-informed people in this particular subject, however, you seem like you know what you’re talking about! Thanks
40I’m blown away by the quality of this content! The author has undoubtedly put a tremendous amount of effort into researching and arranging the information. It’s inspiring to come across an article that not only gives valuable information but also keeps the readers hooked from start to finish. Great job to her for producing such a masterpiece!
41You ought to take part in a contest for one of the most useful sites on the net. I am going to recommend this site!
42Excellent site. Plenty of useful info here. I?m sending it to several friends ans also sharing in delicious. And obviously, thanks for your effort!
43I blog quite often and I truly appreciate your content. The article has truly peaked my interest. I will book mark your blog and keep checking for new details about once per week. I opted in for your RSS feed too.
44okmark your blog and check again here frequently. I am quite certain I?ll learn lots of new stuff right here! Good luck for the next!
45Thanks for sharing superb informations. Your web site is very cool. I’m impressed by the details that you have on this website. It reveals how nicely you perceive this subject. Bookmarked this website page, will come back for extra articles. You, my friend, ROCK! I found just the info I already searched everywhere and simply couldn’t come across. What an ideal web-site.
46You ought to take part in a contest for one of the most useful websites online. I am going to highly recommend this blog!
47Great information. Lucky me I recently found your site by accident (stumbleupon). I have book marked it for later!
48great post, very informative. I wonder why the other experts of this sector don’t notice this. You should continue your writing. I am confident, you’ve a huge readers’ base already!
49I would like to thank you for the efforts you’ve put in penning this site. I really hope to view the same high-grade blog posts by you in the future as well. In truth, your creative writing abilities has inspired me to get my own, personal site now 😉
50