According to a New York Times/CBS News poll, Americans want less federal spending instead of paying higher taxes to reduce the deficit. However, about two thirds of Americans would prefer higher payroll taxes for Medicare and Social Security rather than seeing any cutbacks in benefits. In other words, Americans rightfully oppose higher taxes to solve the federal government’s unconscionable spending polices, but they also want to perpetuate the greatest Ponzi schemes in human history, Social Security and Medicare.
The pollsters should have asked the American people if they believe in being financially independent instead of relying of two Ponzi schemes, which are illegal if done by private individuals or investment firms. If the people overwhelmingly prefer Social Security and Medicare to their own retirement income and savings to live on and pay their medical bills in their senior years, then the welfare state will be with us until it collapses under its own weight.
So while Bernie Madoff is effectively serving a life sentence for perpetrating the largest private Ponzi scheme in history, the federal government’s two Ponzi schemes are about a $100 trillion “underfunded,” which means they can never payoff future beneficiaries without substantially cutting benefits and/or raising taxes through the roof. In short, the occupant of the Oval Office—whether a Republican or Democrat–and the Congress have been in effect 536 Bernie Madoffs. (You can subtract Rep. Ron Paul from this ignominious group because he has called for ending Social Security and Medicare.)
The American people, however, share the blame for the predicament we are in—the $14 trillion national debt, the $1.5 trillion annual budget deficit, the approximate $1 trillion military-industrial complex, and the tens of trillions of unfunded liabilities. The people have voted for “conservatives”—candidate who promised to perpetuate the federal government’s Ponzi schemes and other welfare-warfare spending.
Few candidates for president or the Congress have campaigned to phase out Social Security and Medicare. The minuscule number of candidates who have run on such a platform have been pummeled unmercifully for being a “nut,” an “extremist,” etc., by their opponents and the media.
However, who is standing up for honesty and independence? Certainly not the advocates of Social Security and Medicare—unequivocal Ponzi schemes—but the proponents of financial integrity. This is the great issue facing the American people.
We need an immediate plan to phase out Social Security and Medicare so current and soon-to-be beneficiaries receive all or most of their benefits, while younger Americans can plan to fund their retirement portfolio to be financially independent in their senior years. Anything less in the debates in Washington will just hasten the day of reckoning as the clock keeps ticking on the unsustainable welfare state. In short, do not sell your gold and silver.