Post by dane
Social Security is nothing but a Ponzi scheme
"In devising a structure for the private accounts, the Bush
administration is modeling its proposal after the Thrift Savings Plan,
a tax-deferred retirement investment plan similar to a 401(k). The idea
is to minimize risk for people at the outset by offering as few as
three to five diversified investment funds."
This fact alone should alarm anyone who knows about what the President
and John Ashcroft did to the Thrift Savings Plan (TSP) during the first
The TSP was created (chartered) specifically to save taxpayers money by
partly relieving the government of pensioning Federal employees. It was
a very good idea and it worked well. The charter called for the
institution to be run responsibly and to be immune from political
influence. These factors were considered so important, they are among
the first requirements of the TSP charter.
Through the Administration's continuing corrupt and patently illegal
political manipulation to protect a thieving contracting firm (American
Management Systems, now defunct, absorbed by a company called CGI),
Bush/Ashcroft lost TSP shareholders over 1/3 billion dollars. I will,
upon request, provide links to articles on both the TSP website and
Federal news outlets showing all this to be quite true.
For instance, here's a 2003 Washington Post story about the ensuing
lawsuit with a synopsis of events:
Note that the lawsuit was brought by a former Reagan Administration
official, one Roger Mehle. Mehle was the longest-serving administrator
in the TSP's 16-year history.
If you dig a little deeper, you will find that conflicts of interest
overflow like a clogged toilet on the Administration's part, and on
that of its allies in this matter. One of AMS's most rigid
Congressional defenders, Congressman Tom Davis of Virginia, accepts
copious campaign contributions from AMS and its employees. Yet, he is
the Chairman of the Committee on Government Reform, the committee that
oversees the TSP.
Granted, the issue is complex. But it all happened in plain sight and
Congress took no preventative action. The media reported it. The public
yawned. The media dropped it. TSP accountholders lost gobs of
This is the stuff of mafia gangster stories. Except that it was
perpetrated against Americans by their own "elected" President and his
Before Bush's first election, the money in the TSP was invested
strictly in the fiduciary interest of its shareholders. All investments
were made for the benefit of TSP account holders. Now, TSP funds are
invested at the whimsy of a Bush-appointed board whose every breath is
subject to Presidential approval...although not officially. Why not
officially? Because the TSP charter calls expressly for the fund to
operate free from political influence.
John Ashcroft and George Bush broke that charter (thus delegitimizing
the entire institution). They forced Mehle out and turned the TSP into
their own $100 billion investment house for their corporate friends.
To think of this--or ANY--Administration doing the same thing to your
Social Security money should chill to the bone anyone concerned. It
means the money you are *forced* to pay into the SS fund would then be
completely subject to the political concerns of whoever is in charge.
If the political agenda of the party in power calls for you to
sacrifice that money--YOUR MONEY--as it did for the current TSP
participants, well, too bad. You have no recourse.
And, as in the TSP fiasco, you can't count on anyone in "authority"
doing anything to put it right; then as now, legislators as a group
have always been pretty much spineless. Now, with your retirement money
in their grasp, their greed may know no bounds.