“However, he still has no plan for how current retirees [sic] benefits will be met if younger workers stop fully paying into the system.” – Gabrielle Giffords (D) AZ8 press release statement referring to her opponent, Jesse Kelly, on the Social Security Program. (From her campaign website)
From http://www.sec.gov/answers/ponzi.htm (yes this is a government website)
United States Securities and Exchange Commission
“A Ponzi scheme is an investment fraud that involves the payment of purported returns to existing investors from funds contributed by new investors.”
Gabriell Giffords (D) AZ 8th Congressional District continues to attack her opponent for standing up to the largest Ponzi scheme ever perpetrated against the American people, Social Security. Even Bernie Madoff didn’t have the gall to pull off a scheme of this magnitude. Yet Giffords continues to support it while she continues to attack her opponent, Jesse Kelly, for daring to suggest that Social Security is in serious trouble and this country needs to make realistic changes to the idea of this “entitlement.”
On June 10, 2010 Reuters reported the following:
Fed’s Fisher-Fed won’t rescue Social Security
(Reuters) – Dallas Federal Reserve President Richard Fisher on Tuesday said the U.S. central bank will not rescue the country from its obligations to underfunded government retiree and health care benefit programs.
“It’s a standard political reflex… if you can’t solve a fiscal process, you turn to the monetary authorities to turn on that faucet and print their way out of it,” Fisher said in a speech to the Council on Foreign Relations. “And I’m here to tell you that neither I nor (Fed Chairman) Ben Bernanke nor anyone who sits on the Federal Open Market Committee will countenance that behavior,” he added.
The Social Security and Medicare programs are projected to run enormous deficits as the retiring Baby Boom generation swells the ranks of pensioners.
This Entitlement, which some say, has the federal government on the hook for as much as $65,000,000,000,000 (yes that’s 65 Trillion dollars) in unfunded mandates, is the poster child for the Democrats as they try to scare senior citizens into believing Republicans want to take their retirement money. Nothing could be farther from the truth.
The reality, conservative Republicans realize the federal government cannot sustain this system forever and the program will eventually cause the government to default. That is why serious people need to make serious changes to the federal government.
Current polling has this race tied at Giffords (D) 46 Kelly (R) 46.