So It's Now a Wealth-Redistributing Ponzi Scheme?

| April 28, 2005 | 1 Reply

The President unveiled his plan to reform Social Security tonight and it’s a real stinker.

“I believe the reformed system should protect those who depend on Social Security the most,” he said in a nationally televised news conference. “So I propose a Social Security system in the future where benefits for low-income workers will grow faster than benefits for people who are better off.”

So instead of an egalitarian system where you get back what you contribute plus some interest on your “contribution”, we’re going to have a system where the rich again subsidize the poor? Instead of the regular old Ponzi Scheme, we’re going to get a Ponzi Scheme that redistributes wealth, too?

Ho-ookay. That sounds great, doesn’t it?

Further, from what I can see, folks in my age bracket are still hosed because the money we’ve been contributing all our lives still won’t be there when we hit retirement age. Even if it is, it’ll give me a return that’s less than if I stuck it in the average bank CD.

Did I mention that personal savings accounts look like they’re completely and utterly dead?

Man, how could I not be in favor of a plan that takes the same amount of money from me it always has, promises me no better return than the most rudimentary investment plan if I actually see any of my money at all, and guarantees to penalize me more the better I do financially in life.

Sign me up right away?

Look, I am not an accountant. I’m just an average American who sees 12 percent of his paycheck Hoovered away and used to finance the rest of the government (and I’m already losing a good hunk of change to finance that). My President has campaigned twice on the promise that he will reform the system and make it better. He’s promised to work hard to give me some control over some small pittance of the money the government already takes from me because, let’s face it, the government sucks as an investment banker.

So far he’s gone back on both of those promises. And I’m pissed.

You know something? I don’t want any more of my money going to prop up a lifetime of someone else’s stupid financial decisions. I don’t expect any of you to do that for me. I’m sick and tired of hearing how people need Social Security because that check is all they have. I need that money, too. I have rent, car insurance, and utility bills I need to pay and I have some small hope of building my own little nest egg so I’m not one of the people who my children are going to have to support in 40 years. If other people have frittered away a lifetime of savings, tough on ‘em.

No, that’s not very compassionate, but right now I can’t afford any more compassion. I’m already compassionate to the tune of a quarter of my paycheck, God knows how much in gas tax, and more taxes on my cable, telephone, and utility bills. I’m not even getting into all the little state taxes I have to pay every day.

I’m not asking for a lot. I’m asking for a meager four freaking percent out of the twelve the government already takes from me. That’s a third. That’s it. I’m asking that I be allowed to put that money in some better investment so that it can grow and ensure that I do have a retirement.

Is that too much to ask? Well, yeah, it appears to the Congressional Democrats, that’s way too freaking much to ask.

And isn’t it a real killer that I have to sit here and beg my own government – the people who are supposed to be serving me – for some of my own money back from them?

Great job, Mr. President. Great freaking job.

Category: The Good Old US of A

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