Systems of elaborate folly have been erected with the most impossible of promises.\u00a0 That wealth can be created without production.\u00a0 That stimmy checks can be paid without taxes.\u00a0 That everyone can get free solar power at the expense of their neighbors.<\/p>\n
Central to these promises are the central government and central planning authorities.\u00a0<\/strong>\u00a0They promise ease and comfort and, in return, they make you a dependent.\u00a0 They promise a secure retirement, and free drugs, while running a scheme that\u2019s beyond Charles Ponzi\u2019s wildest dreams.<\/p>\n Social Security, no doubt, is a tempting idea.\u00a0 The government confiscates part of your paycheck every two weeks.\u00a0 Then, in return, and after putting in 45 years, your retirement is subsidized.\u00a0 You can enjoy your golden years in comfort.<\/p>\n According to\u00a0Rachel Greszler<\/a>, research fellow at the Heritage Foundation:<\/p>\n \u201c[Social Security\u2019s] America\u2019s favorite entitlement program, and part of the reason it\u2019s so popular is it\u2019s not solvent.\u201d<\/em><\/strong><\/p><\/blockquote>\n Indeed, the most popular programs are those that promise people they\u2019ll get out more than they put in.\u00a0 The promise is so appealing people trust that by hook or crook their government leaders will deliver.\u00a0 Alas, those counting on Social Security may suffer a grave disappointment.<\/p>\n From the get go, it really\u00a0didn\u2019t take much abstract thinking to recognize that Social Security would eventually go broke.\u00a0<\/strong>\u00a0Any honest assessment could discern it was doomed to fail.\u00a0 All Ponzi schemes are.<\/p>\n In 1939, before the first check was ever cut, John T. Flynn predicted Social Security would be under water by 1970 and insolvent by 1980.\u00a0 Despite being called a crank by the political elites of the day, Flynn was right.\u00a0 In fact, without the Greenspan Commission and the Social Security Reform Act of 1983, Flynn\u2019s prediction would have been off by merely three years.<\/p>\n But Greenspan didn\u2019t solve the Social Security problem.<\/strong>\u00a0 He merely extended it further into the future.\u00a0 And in doing so he set up several generations of workers to be dependents\u2026at the worst possible time.<\/p>\n Right now we\u2019re on a collision course with disaster.\u00a0 Take government debt, for instance.\u00a0 Over the last decade, real gross domestic product (GDP) has increased from about $15.6 trillion to about $18.6 trillion.\u00a0 Over this same period, the national debt has increased from $13.5 trillion to $27.8 trillion.<\/p>\n Clearly, there\u2019s a fundamental divergence between economic growth and government debt growth.\u00a0 Over the last decade real GDP has increased by $3 trillion \u2013 or by 19.2 percent.\u00a0 Yet the national debt has increased by $14.3 trillion \u2013 or by 105.9 percent.<\/p>\n Over an extended period, this divergence results in two dramatically different growth curves.\u00a0 Government debt now dwarfs GDP by $9.2 trillion.\u00a0 Do you think we\u2019ll grow its way out of this?<\/p>\n But wait, it gets worse.\u00a0 The divergence between GDP and government debt is a major problem.\u00a0 Yet it ignores an even larger story.\u00a0 Specifically, it ignores the story of unfunded liabilities\u2026<\/strong><\/p>\n The current price tag for unfunded liabilities \u2013 for Social Security, Medicare (Parts A, B, and D), federal debt held by the public, and federal employee and veteran benefits \u2013 is $158.9 trillion.\u00a0 Again, GDP\u2019s just $18.6 trillion.\u00a0 Anyone under 50 years old that\u2019s depending on Social Security to supplement them in retirement is toast.\u00a0 Many people older than 50 are also toast.<\/p>\n One generation always incubates the bacteria of the ailments which dominate the next one.<\/strong>\u00a0 Yesterday\u2019s actions reared the things which control the present.\u00a0 So, too, today\u2019s actions breed the things which will control tomorrow.<\/p>\n At this very moment, we\u2019re living with several unfavorable gifts from our forbearers.\u00a0 Namely, social safety nets constructed many decades ago that don\u2019t pencil out.\u00a0 These safety nets are now stretching and fraying at the seams, at the precise moment when tens of millions of Baby Boomers will rely on them most.<\/p>\n The first people into a Ponzi scheme always make out like bandits.\u00a0<\/strong>\u00a0For example, Ida May Fuller cashed the first Social Security check, Check No. 00-000-001, dated January 31, 1940, in the amount of $22.54.\u00a0 With just one check, she nearly recouped the full value of the $24.75 that she paid in.<\/p>\n However, Fuller continued to cash these checks until she died on January 27, 1975.\u00a0 In total, the $24.75 she paid in, ended up paying $22,888.92 back out to her.\u00a0 What a bargain!<\/p>\n According to official estimated from the Social Security Administration, just 79 percent of promised benefits will be payable in 2035 due to depletion of its trust funds.\u00a0 Yet even though everyone\u2019s known Social Security was going bust, most people haven\u2019t done a thing to prepare for it.\u00a0 Instead they\u2019ve buried their collective heads in the sand like an unassuming ostrich.<\/p>\n If you can believe it, three out of five families headed by a person age 65 or older have no money in retirement savings accounts.\u00a0 The promise of Social Security misled them in damaging and irreversible ways.\u00a0 Or did it?<\/p>\n President Biden is currently preoccupied with delivering the American people from the evils of COVID-19.\u00a0<\/strong><\/p>\n After that, he intends to save us from global warming.\u00a0 But that\u2019s not all\u2026<\/p>\n Biden also promises to reform Social Security.\u00a0<\/strong><\/p>\nCollision Course With Disaster<\/strong><\/u><\/h3>\n
Has Joe Biden Lost His Mind?<\/strong><\/u><\/h3>\n
![\"\"](\"https:\/\/zh-prod-1cc738ca-7d3b-4a72-b792-20bd8d8fa069.storage.googleapis.com\/s3fs-public\/styles\/inline_image_mobile\/public\/inline-images\/2021-02-02_10-35-35.jpg?itok=XBX7XMw5\")
<\/picture><\/a><\/p>\n