Newsletter - Edition #28
THE SCAM OF THE MILLENNIUM
No, I'm not talking about the losers from Nigeria offering you a fat percentage of a $24 million dollar over allocation via BCC e-mail. Nor am I referring to the ultimate voluntary tax, i.e. your state lottery.
I'm talking about the dismal failure that is our Social Security system. Now before you lose interest or tune out let me give you a few quick facts to spark your ire.
1. Currently (1/14/2002) government bonds pay as much as 5.38% interest. If you weren't already aware, government bonds are just about the safest investment that exists today. If you're very lucky and live a long life after retirement, you may draw enough out to have earned 2% on your money under our current Social Security plan.
2. Over the course of your lifetime, you will pay tens of thousands of dollars into the Social Security system. Yet when you die, under normal circumstances, your family or survivors will receive $0. That is of course unless they qualify for the whopping standard payment of $255.
3. Your average monthly Social Security contribution is most likely around 6% of your total income. If you make $24,000 annually, you are paying roughly $1440 a year into the Social Security program. If you worked for 45 years and maintained your $24,000 dollar income every year during that time, you will pay in roughly $68,400 over the course of your career. Should you die after receiving one return payment from Social Security, the remaining $67,526 dollars will not be paid to your family. It will be rolled back into the Social Security System
Let's make it perfectly clear here. At the time of your death, regardless of how much you have paid into the system, your portion of the funds will not go to your family. There is a reason they call it "SOCIAL" Security. Add three more letters at the end of "SOCIAL" and you have "SOCIALIST."
4. Our Congressmen and Senators have their own special retirement plan they have voted in for themselves. So, Social Security, for them, is a non issue.
5. Not only are our representatives likely to receive millions over the course of their lives after they leave office, they don't have to contribute to this choice retirement plan the way you and I contribute to Social Security. Is this enough to get you angry?
6. Now for the real kicker. If you had the choice to invest your "Socialist Security" monies into a private retirement account earning the above mentioned 5.38% interest, you would have accumulated exactly $ 272,913.83 at the time of your retirement. Whatever remained in the account at the time of your death WOULD be given to your spouse or remaining family. How do you feel about "Socialist Security" now?
Now, I don't want to insult your intelligence but I understand that some of you may be new to these concepts. If there is something about the points above that you don't understand, please read the 6 points again. If you still have questions e-mail me at News@WakeUpSuckers.com and I'll do my best to explain them to you.
One half of our congress in Washington wants you to believe that if we allow individuals to invest in private Social Security plans that the Social Security system will rapidly go bankrupt. Friends, the system is already bankrupt. It has been for years. I assure you the problem is not a lack of new funding, but is instead a lack of cost cutting. Our congressmen find it too difficult to keep their insatiable spending habits away from the Social Security trust fund. Because of this and the fact that our Congressmen don't have to play by the same retirement rules that they create for you and I, I have come up with a radical new idea. -- If funding really is their greatest objection. If the possibility of the system going bankrupt is their primary reason for opposition to privatized social security, then I suggest the following.
If the great spenders in Washington will pledge to offer a 100% private plan to my children and to your children, then I will pledge to pay into the Social Security system for the remainder of my years, never to draw a penny out. Please understand that I do not make this pledge lightly. I would normally never suggest giving the government one nickel that I was not forced to pay them. I am not willing to make this pledge for the reasons of aiding my government. I am willing to make this pledge because I believe that all things remaining equal, it will be a cold and rainy day in the hellish regions below, before our Congressmen, who have no motivation to change a plan they don't personally rely on, have a reason to fix Socialist Security.
Often it seems our Congressmen forget about what is best for us and our children. Somehow they have become so disconnected from the rest of us that they can't even bring it upon themselves to repair the greatest rip off in American history. I understand why they become jaded after they get elected. But that doesn't mean that I forgive them for what they themselves should be ashamed of. I for one am willing to step up and do the right thing not only for my direct descendents, but for theirs as well.
If our children are given the choice of a more prosperous and flexible retirement, then this is a sacrifice we should all be willing to make. It is not only your right, it is your duty to protest this.....The Scam of the Millennium.
KM Logan - 1/14/2002
Some Americans already have privatized social security. It is an amazing success.
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