Google is my backup
Indeed it is. Why bother with backups when you can scrape
Google's database?
Those cowards at the Boston Metro didn't
run my column on the Social In-Security meltdown, even though I got tons of
fan mail from my piece on homo marriage - which starts in Massachusetts in 2
days. Here is a reprint. But wait it wasn't even printed yet:
The Social Security Scam - A Boston Original
Who would have guessed that a two-bit huckster from the North End of Boston
could have inspired the greatest scam inflicted on us by the federal government? I did, that's who.
As an essentially self-reliant, hard-working, and ambitous young fellow, my
attitude toward economics tends to fall on the conservative side. So you can
imagine my horror at watching the bizarre spectacle of Republicans in Congress
and the Whitehouse falling over themselves to lavish our tax dollars on massive
programs from Homeland Security to Medicare to crackpot Defense R&D, not to
mention the Iraq fiasco. The unfortunate irony is that President Bush's decidedly un-conservative moves on spending and the deficit crowd out his one
truly visionary proposal: privatizing Social Security.
Its no secret that Social Security is in trouble. There have been many
accusations hurled from left to right and back again about who is short-changing
the trust fund, whether it should be tossed in a lock box, or whether benefits
should be cut or taxes raised (gasp!) to meet the looming shortfall. While
watching the slow meltdown of fiscal responsibility in Washington for the past
three years the phrase Ponzi Scheme kept coming to mind, though no where is it
more apt than when describing Social Security.
No, he's not that guy from Happy Days. Charles Ponzi, an Italian immigrant who
settled in Boston in 1917, was the first large-scale peddler of get rich quick
schemes in America. His claim to double your money in 90 days! was supposedly
based on his idea to exchange postal coupons from one currency to another at a
ludicrous profit, though in reality he simply used cash from new investors in
his scheme to pay off earlier investors, until the supply of investors ran out
and it all came crashing down. All that's left is the mansion he built in
Lexington, which you can drive by.
Some call this robbing Peter to pay Paul, some call it a pyramid scheme, and it
has been illegal in most countries for centuries. Unfortunately this is exactly
how Social Security works, with current workers paying for current retirees.
Just like Ponzi's scheme, it works smashingly well as long as the ratio of
tax-paying workers to tax-collecting retirees is high, as it was for the first
few decades of the program. But by the time the Baby Boomers start retiring in
five years, this ratio will sink to 2 to 1, where it was once 15 to 1 back in
the golden 50s. What that means is that in a few short years half of working
America will be sitting at home, retired, while the other half slaves away to
pay their bills for them.
Privatizing Social Security is the only way out of this mess. Paying into
private retirement accounts would us allow us all to accumulate a far bigger
nest egg, making us less dependent on payments from the government, and it
would help restore our Constitutional rights to life, liberty, and
property. And unless you're rich already or plan to Get Rich
Quick! like that goomba Ponzi, I bet you could use a little more property. To
find out more about what needs to be done, visit www.socialsecurity.org.