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

Peter Schiff introduces himself to the Naugatuck,CT Republican Town Committee

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[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."

[Egles1fan]

Forget about the senate, Schiff be the President and for life as well, while we are at it! He is my man for sure!

[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.

[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 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]

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.

[residentzombie]

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

[residentzombie]

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

[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]

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]

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]

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.