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  Wednesday October 22nd, 2014    

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The Alchemist (06/18/2008)
By Al Thomas

GREATEST PYRAMID SCHEME - SOCIAL SECURITY

Does anyone remember Charles Ponzi? He had investors knocking down his door trying to give him money promising a return of 50% in 45 days. He could show it was backed by government stamps.

Our own Uncle, Uncle Sam has promised us we can retire (maybe not in style) if we "invest" 7.5% of our paycheck each time. Our boss also has to kick in an equal amount of 7.5%.

Let's see. If I make $500 a week all my boss has to do is send in $75 each week. That's $37.50 from each of us. Let's see, that's $3,900 a year. If I work from age 20 to age 65 that's times 45 years it comes to $175,500 not counting any interest accrual that should be several thousand dollars more. My Uncle, the big guy with the funny hat, says when I retire he is going to send me a check every month for $1,250.

Even without any additional interest that is good for 12 ½ years. And they are going to give 2% interest on all those deposits. WOW! Such a deal! And I don't have to worry about my money either.

Uncle is putting it in the Social Security Trust Fund where it will be safe(?). He didn't mention that the trust fund is a piece of paper that my uncle prints out each time I send him my money. There is no lock box.

He also failed to tell me that Congress can tap the fund any time it wants and spend my money on anything it wants. Right now there are more IOUs from Congress than there is money in my trust (?) fund. In fact there isn't any money in the trust fund. Those public servants (?) in= Washington have spent it all.

And now our elected representatives want to pay= SS benefits to illegals who have never paid into the fund at all. What kind of craziness is going on in Washington? Why is it called a trust fund anyway?

The reason Mr. Ponzi was jailed is he was paying out to his first investors money he was taking in from his new investors.

Let me see if I have this right. I pay into Social Security today, Uncle prints a new piece of paper as a receipt (misnamed a trust fund bond), the money is then transferred to the General fund, Congress spends it all and with some of it they pay off the original Social Security subscribers.

Isn't that what Mr. Ponzi was doing? And they put him in jail for stealing investors' money. See if you can help me with this next question.

Who should we put in jail for stealing our Social Security deposits from the trust fund? When you find that answer please let me know.

Al Thomas' best selling book, "If It Doesn't Go Up, Don't Buy It!" has helped thousands of people make money and keep their profits with his simple 2-step method. Read the first chapter and receive his market letter at no charge on www.mutualfundmagic.com to discover why he's the man Wall Street does not want you to know.

Copyright Williamsburg Investment Co. 2008 All rights reserved.

 

 

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