Peter Schiff - Naugatuck, CT - Republican Town Committee - 11-18-09 - Part 6

[christo930]

I can't believe that Peter thinks the first place cuts need to be made is social security! Just take a look at this gigantic military we have, all the crazy gov programs, subsidies, oil subsidies... And all he can think of is to take money from seniors! We need to kill all of the other waste before we start killing our seniors who paid into soc security all of their lives. We can start by kicking all the people off of ss who never paid a dime or who are 30 years old getting a ss check.

[orionstarman]

A person who is 72 years old today and retired at age 62.5 has already received nearly all the money they ever paid into Social Security. SSI payroll taxes were much lower in the past then they are now and benefits are much higher now then in the past. So guess who makes up the difference? People working today, thats who. SS works just fine as long as there are many more paying than collecting. When the numbers get close the system falls apart. That's called a Ponzi scheme.

[christo930]

Where did you get that statistic? Retiring at 62 lowers your SS payment. In any event, if the gov had invested the money like they were supposed to, this wouldn't be a problem. The SS is still running at a surplus and they could be investing that money to help with the future and they STILL aren't doing it. I will NEVER sit back and let people get screwed out of their Social Security. If we cut off the people who didn't pay into it, that would help a great deal. It's medicare that is so bad.

[orionstarman]

Actually I was wrong, it takes less than 10 years to receive what u paid in. You get a statement from SS every year that tells u how much u have paid in and how much u can expect to receive monthly. Do the math. I don't have the #s but, when SS first started there were many more paying in then were collecting. This built up a surplus. The US Gov. has borrowed and spent nearly all of that surplus and issued bonds back to SS. There is no trust fund earning interest only a stack of worthless IOUs

[orionstarman]

Unless there is some reform of SS soon they will need to start using their surplus. But, all they have are IOUs from the US Gov and the US Gov has spent that money. So to pay back SS the US Gov will need to borrow, print or tax that money into existence. Politicians don't think long term they only think about the next election so they will patch & pray and hope it will work for a few more election cycles when it will be someone else's problem. Which makes the problem bigger and harder to fix.

[christo930]

There is no denying that the government is grossly mismanaging the money, but my point was that if they hadn't done that, it wouldn't be a pyramid scheme. The whole argument for SS was that people wouldn't save for their retirement and we would have millions of starving seniors to take care of and that the gov could invest on their behalf. So the gov did EXACTLY what they accused the people were going to do. They are going to inflate away the value of people's checks.

[orionstarman]

Woulda, shoulda, coulda. We have to play the cards we've been dealt. If something is not done soon SS will be just one more thing to pull down the economy. But what ever they do is going to hurt somebody, if not everybody and probably won't work anyway because SS is still a Ponzi scheme. Something new will need to take its place.

[christo930]

@orionstarman

Social security really isn't in that much trouble, it's Medicare that is threatening to overwhelm the federal budget not the cash payments. I don't want to see people who were taxed for decades and were therefor unable to save for their retirement getting screwed. Do we really want millions of homeless senior citizens? What does that say about our society?

[orionstarman]

Wow, I didn't catch that the first time YES SS was a pyramid scheme from the beginning. Even if all the money had been locked in a safe from day 1 it only works as long as there are many more paying in than are collecting and the 2 are getting closer every day.

[christo930]

I didn't say the gov should have locked the money up in a safe, I said they should have invested it in safe investments (like corp bonds and such).

[orionstarman]

I repeat, woulda, shoulda, coulda. The only system that would work is each person invests their own money in their own account and the gov. can't touch it. And when you retire you get the money from your account and no one else's

[christo930]

I think that the best way to save the system is to

1) Kick everyone off who hasn't paid into it.

2) Kick everyone off of it who doesn't need it.

As for getting back what you paid, you have to realize that people paid in money that was far more valuable than the money they collect out of the system.

My Dad has been paying since the 50's, do you think the money he put in in the 50's is the same as he is getting out now? If he paid 1000 in in 1950, he'd have to collect 10k to even out.

[residentzombie]

The purchasing power of the dollar decreasing discredits that statement sir.

[residentzombie]

Social Security is a Ponzi scheme. I understand what you mean though. Remember all Ponzi schemes come to an end.

[maltodextrin1000]

schiff is right. The big picture is everyone needs to stop freeloading off the government, because the government lets them and get back to work/save.

However if you believe that this country is ran by elite bankers instead of a president, do you think they'll let schiff get in? I SWEAR IF SOMETHING HAPPENS TO SCHIFF FROM WINNING/STOP GOVERMENT, THEN THATS MY BREAKING POINT TO REVOLT.

[XxxxxAvatarxxxxX]

If I move to CT could I vote for him or would I have to live there for a length of time? Very tempted if the former is true.

[qaugust]

Thank you Peter Schiff for educating me. It is an eye opening video. Thank you CTSchiff Supporter for posting the video.

[qaugust]

peter schiff rocks!!

[TheLostRepublic]

we dont get any energy from the department of energy.

[jct181]

This is the smartest foreign policy statement ever: "To the extent that they have an installation that we think is developing nuclear weapons, we can demand that they let us inspect it. If they don't let us inspect it, we just blow it up."

[mustang607]

This reminds me of drug addicts that become more and more addicted to the drugs they crave. The more they use, the more they need. Very expensive drugs that require a life of looting and other crimes to keep their supply ongoing.

[BMWg84]

People are riding around on camels? lol =P

[ih8ronpaulh8ers]

OMG that line made me cry I was laughing so hard