Social Security

President Obama and Vice President Biden are committed to ensuring Social Security is solvent and viable for the American people, now and in the future. Obama and Biden will be honest with the American people about the long-term solvency of Social Security and the ways we can address the shortfall. It's time for the federal government to own up to the fact that Social Security is the world's largest Ponzi scheme, pure and simple. The SEC explains the Ponzi scheme as follows:

"Ponzi schemes are a type of illegal pyramid scheme named for Charles Ponzi, who duped thousands of New England residents into investing in a postage stamp speculation scheme back in the 1920s. Ponzi thought he could take advantage of differences between U.S. and foreign currencies used to buy and sell international mail coupons. Ponzi told investors that he could provide a 40% return in just 90 days compared with 5% for bank savings accounts. Ponzi was deluged with funds from investors, taking in $1 million during one three-hour period—and this was 1921! Though a few early investors were paid off to make the scheme look legitimate, an investigation found that Ponzi had only purchased about $30 worth of the international mail coupons.

Decades later, the Ponzi scheme continues to work on the "rob-Peter-to-pay-Paul" principle, as money from new investors is used to pay off earlier investors until the whole scheme collapses."

Sound familiar? The people who first "invested" in Social Security are the ones who have received the highest returns. The first monthly Social Security check went out on January 31, 1940 to Ida May Fuller, a retired legal secretary from Ludlow, Vermont. Mrs. Fuller received a total of $22,888.92 in payments over 35 years until her death in 1975 at the age of 100. Her contribution to the system: $24.75.

Now, 70 years after the federal government implemented this Ponzi scheme, current day "investors" are told that the money is going to run out in the not-so-distant future. The Obama administration believes that higher taxes are not the answer. Raising the retirement age is not the answer. Privatizing Social Security is not the answer.

So, what is the answer? Better management, plain and simple. What Social Security needs is someone who is experienced in running a successful Ponzi scheme. We are proud to announce the new Commissioner of the Social Security Administration: Bernie Madoff.

Important Announcement from the Social Security Administration

If you are a senior receiving social security benefits, please visit the Social Security Administration website for important news relating to the 2010 COLA benefits along with a "golden" opportunity available only to you!