VIDEO: Alan Greenspan On Social Security And Inflation
Greenspan on the USS Government Ponzi.
Runs 1 minute. Recently discovered clip from congressional testimony in 2005.
“I believe that we should maintain the principles of Social Security, but I think the existing structure is not working. Until we construct a system that creates the savings that are required to build the REAL assets, so that the retirees have REAL goods and services. We don’t have a system that is working. We have one that basically moves cash around and we can guarantee cash benefits as far out and whatever size you like, but we cannot guarantee their purchasing power. Do we have the material goods and services that people will need to consume, not whether or not we pass some hurdle with respect to how legal financing occurs. Financing is a secondary issue and it is a means to create the REAL wealth, not an end into itself.”
Reader Comments (7)
Congress has looted the social security money so of course it cannot used to build a retirement wealth system. The money is gone. Borrowing the annual surplus was the method Congress and Presidents used to fund general spending and make the deficit appear smaller than it really was. Clinton stole more from the SS trust fund than any President..
http://moneymorning.com/2013/01/16/u-s-debt-ceiling-government-borrows-pension-funds-to-avoid-default/
http://www.zerohedge.com/contributed/2013-01-17/immigration-and-social-security
Skin,
Years ago I heard there were unscrupulous individuals letting illegals use their S.S. number believing that the money sent in to S.S. would land in their account and give them a higher payout. I think they were selling those numbers to the illegals to help them get jobs and fake credentials as well.
And as I have previously stated, SS is in its essence, not an expence, SS plowes moust of it, 90 % back to the comunety, thrue comerce and the use of common goods.
They dont burnm their money.
Inflation/deflation is the single most devestating enemy of any savings, the inlfation always eats up the gain, and stil people with litle or no fortune belive the make it bigg in this ponzi sceem, unless you have a 100 mill, where 5%, gives a anual income of 5mill.
And this is the reason for the TAXs the ritch is running away from and this is the pyramid sceem I am talking about.
The real welthy, with a billion, makes insaly amounts of money on Intress alone, do you understand this.
What they do, is to play the game of dividing and marginalaising. To divert people form the real truth about the pyramid ponzi sceem, they the robberbarons have created, and this is infact, income form nothing, and stil they wind and complain.
huh
peace