Buy WILLisms
XML Feed
Clinton Called It A Crisis.Jan. 25, 2005 11:40 PM
Iraq: Post Hoc Ergo Propter Hoc?Mar. 2, 2005 3:25 PM
The Babe Theory Of Political Movements.Mar. 21, 2005 11:50 AM
The Political Circle Of Life.Apr. 1, 2005 10:05 AM
The Attack On Henry Saad.May 13, 2005 4:38 PM
Media Bias On Social Security.May 16, 2005 2:18 PM
Bill Moyers, Persecuted Victim.May 17, 2005 6:35 AM
Galloway: Baathist, Stalinist Hero.May 17, 2005 11:32 AM
Ronnie Earle, Partisan Hack.May 19, 2005 2:55 PM
Chris Bell, For Governor?May 25, 2005 3:55 PM
Angela Merkel, Germany's Thatcher?May 26, 2005 8:59 PM
Lukashenko: King of Belarus.May 29, 2005 1:01 PM
S.S. Reform Dead? Not So Fast!May 31, 2005 5:15 AM
Hillary Clinton In 2008? No Chance.June 2, 2005 4:34 PM
Blogroll Me!
Want your site to appear here? Link WILLisms.com and send some traffic over.
June 2005
May 2005
April 2005
March 2005
February 2005
January 2005
December 2004
Social Security Reform Thursday.June 2, 2005
Wednesday Caption Contest.June 1, 2005
The Carnival Of Classiness.May 31, 2005
Quotational Therapy.May 30, 2005
Powered by Movable Type 3.121
Site Design by Sekimori
WILLisms.com June Book of the Month (certified classy):
The WILLisms.com Gift Shop:
Sitemeter:
« Trivia Tidbit Of The Day: Part 2. | WILLisms.com | Terri Schiavo Has Passed Away. »
A 15-Year-Old's Brilliant Social Security Analysis.
The Seattle Post-Intelligencer (what a cool word, "intelligencer") has this guest commentary on Social Security from 15-year-old Alex Binz (via the AlphaPatriot blog). Here is a taste:
The trust fund is "invested" in special-issue bonds and government IOUs. In other words, the trust fund money is separated from the general fund, loaned to the federal government and then spent on all kinds of programs through the general fund. Bureaucrats get the best of both worlds: They can claim (rightly) that the money is set aside in bonds but they still get to spend it freely.There is no substance behind the trust fund; it is a mere promise of repayment, without any money backing up that promise. Without any real assets, Social Security resembles nothing more than a pyramid scheme, funneling money from new "investors" (current workers) to those who invested from the beginning (current retirees). And like any pyramid scheme, it cannot hold out forever. The SSA itself admits that by 2018 retiree benefits will exceed worker contributions. It will run a deficit, cash in its bonds and eventually have them dissolve for all the world to see.
Fantastic. Send that kid to Washington. Quick.
Posted by Will Franklin · 31 March 2005 08:53 AM
Trackback Pings
TrackBack URL for this entry:
http://www.willisms.com/mt/mt-tb.cgi/215
Comments
What a special little guy...Hmmmmm
Posted by: Marge at March 31, 2005 07:38 PM
Listen up... What would you rather do?
#1. Pay into a Government program that takes your money and pays you one percent interest and Taxes you twelve percent?
OR?
#2. Have the option of putting your money into a private program for your future that will be invested in investments that will pay you back a larger percentage for your individual retirement
(like federal employees)?
Posted by: Zsa Zsa at April 1, 2005 08:10 AM
(doh!... Why do federal employees get to do that and we don't?) DOh!
Posted by: Homer at April 1, 2005 01:17 PM