The "Social Security Is Broken" lie

Social Security is not broken or bankrupt. "The government can create any amount of money and pay it to whomever it wants. The only question is whether or not that spending creates enough of the real assets needed for seniors to consume." -Alan Greenspan

Category:

News & Politics

Tags:

• MMT
• Social Security
• entitlements

[ltmikepowell]

@707hoser Did you know all the taxpayers' money paid is to fund the CURRENT retirees and disabled?

The Social Security's money that you pay by your tax is not for you. It's for other person to use. Those Social Security Trust Fund money is buying government bonds and resupply with taxes, which means taxpayers' might get taxed till the hilt. Technically, it's a Ponzi Scheme.

[707hoser]

@ltmikepowell If you call a program that you pay into with the expectation of collecting later a Ponzi Scheme, I suppose it is. It does not take from one side to give to another, you pay into it and you collect when you retire. It doesn't rely on taxpayer money, it is self-sufficient.

[ltmikepowell]

@707hoser Social Security is a Ponzi Scheme that relies on taxpayer's money to fund someone's benefit. Technically, it's a wealth redistribution scheme that take money from one side to another. This is not what American Founding Fathers wants.

[707hoser]

@AustrianEconomics101 You are obviously someone who believes in Austrian Economics, something that no reputable school of economics teaches. Peter Schiff is not an economist although he frequently pretends to be one. He obviously has no clue as to how the money system works. LOL.

[AustrianEconomics101]

@707hoser Yes, you rather believe someone who has been wrong and ig,ore the one who has been right. You are really something LOL.

[AustrianEconomics101]

@helpendthefed Actually they are CRAP.

[707hoser]

Thanks for putting out these videos, Mike. I used to believe people like Peter Schiff. Now, I realize that they don't understand the money system at all. The truth is counterintuitive but eventually sensible people will get it.

[tyronebiggums3]

Not only can the USA create as many dollars as they want, they can create as many counerfeit dollars as they want, too. Watch this...

watch?v=lQf-u2nCVSw

The whole thing is worth watching, the 13 minute mark will hit the "supernote".

Cheers!

[helpendthefed]

Keep up the great vids. These are GOLD!

[AntiSchiff]

@PestControl02

Technically, the government can fund all its operations with new money creation, but it doesn't come free. It raises prices when at full economic capacity.

The problem is, do you want politicians to be back in charge of the money supply, rather than the Fed? Yes, the Fed is far from perfect, but countries with more or less independent central banks have much better economic records than countries without them.