Wednesday, January 26, 2005

The awful truth about Social Security

It comes as no surprise to those of us in the reality-based community that some folks are touting pseudo-science from high places; these are, after all, the same folks who brought us pseudo-forensics (Colin Powell's masterful performance before the UN), and pseudo-diplomacy (Iraq in general).

The latest pseudo-science concerns Social Security.

There are those who say "Social Security is a Ponzi Scheme," thinking that the only way this program can be paid for is the income of workers' FICA checks.

Well, folks, please allow me to introduce you to that bastion of Socialism Itself, the very den of iniquity, the devil's playground, the Social Security Act, as it currently stands.

Now note something: there is, absolutely postively no stipulation as to how this is funded. It just states how money will be disbursed.

To find out how the money's allocated, you've got to go here.

Note the following:

The actual laws for collecting taxes and for determining benefits are different. One could be changed completely independently of the other. If there is another relationship between the 2, I haven't found it yet. I'm still looking for how the budgeting is done, though.

So, it's not necessarily a Ponzi scheme.

The Federal code is an interesting place to surf. You can pick out a law- any law, and debate it...

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