Joe Heck Was Right: Social Security Is A Ponzi Sceme

Joe Heck is getting heat from the 2 brain celled liberals for calling social security a ponzi scheme. Nevada liberals like Harry Reid and Shelly Berkley and bloggers like Desert Beacon act like an ostrich and say there is nothing wrong with Social Security, while admitting that it will eventually go broke.
Simply put, Social Security pays out more than it takes in. It also relies on the "safe box" in which money that was borrowed by Congress and presidents and they hope the money will be put back in.
From the Las Vegas Sun: Still reeling from his "pyramid scheme" gaffe on Social Security, Rep. Joe Heck is distributing a flyer that expands on his "I misspoke" explanation. The flyer, posted at right and passed out at a town hall this week, has another admission of poor phrasing but adds the program "does face significant financial problems." Heck also tries to turn the gaffe to his advantage, using it as an example of his courage: "It's not easy or popular to talk about problems, but you deserve to know the truth."
http://www.lasvegassun.com/blogs/ralstons-flash/2011/jun/07/heck-distributes-damage-control-flyer-pyramid-sche/

Heck's flier is here: http://media.lasvegassun.com/media/pdfs/blogs/documents/2011/06/07/hecksocialsecurity.pdf

From Forbes Magazine: Want a recipe for ruckus? Merely suggest that Social Security might be a “Ponzi scheme”. You might even end up on Drudge Report. Yet the facts bear out the thesis, as we shall see…
For starters, let’s be clear on what a Ponzi scheme is.
Say you’re in a scheming kind of mood and looking to get rich off it. Say you’re Bernie Madoff! You start by convincing a small group of people, say five of them, to each give you some money, say $1,000, with the promise that each month thereafter, you’re going to give them $50 back. That works out to $600 over the year, or a 60% rate of return. Not too shabby! These people are a little skeptical at first, but the promised 60% rate of return seems worth the risk. So you collect $5,000, but pay out $600 to each of these five people, $3,000 in total, leaving you ahead by $2000 at year end. So far so good — stick with me…
Now let’s examine Social Security.
When Social Security was started in 1935, workers paid 2% of their first $3,000 earned, or a maximum of $60. Of course, only those aged 65 and older could collect anything, and many of those collectors conveniently died not long thereafter. So even without full participation by every wage earner, the number of people paying in dwarfed those being paid out, and money began to pile up in what became known as the “Social Security Trust Fund”.
As trends (and thankfully, lifespans) have changed, the payer/payee relationship has not stayedLike so many government programs, Social Security started off with great intentions, but morphed into something else. Some people refute the Ponzi scheme comparison largely on the grounds that unlike a traditional Ponzi scheme, Social Security is completely disclosed, was never sold to as a way to make anyone rich, and that it has good intentions rooted in compassion for the poor.

Hold on to your wallets. Just because a fraud is being perpetuated in full view doesn’t mean it’s not a fraud. It simply means people are either not paying attention, or don’t understand what they’re looking at. Regarding not trying to make anyone rich, that’s precisely correct, if only ironically. The creation of Social Security probably did incalculable damage by disincentivizing saving and investing. It ratcheted up moral hazard big time, and nudged untold millions of people into looking towards government for solutions, rather than to themselves and the private sector. And as for good intentions, isn’t that what a certain road to a certain nasty place is paved with? Or at the minimum, The Road to Serfdom?
http://blogs.forbes.com/deanzarras/2011/03/11/why-social-security-is-a-ponzi-scheme/
So, Joe Heck was right. Social security is a ponzi scheme or a scheme that is unsustainable and Social Security will go completely broke in a few years.
I am not sure if I will receive Social Security when I retire and I know my kids won't get any Social Security when it comes for them to retire.
But the liberals and Democrats, especially people like Harry Reid and Barack Obama who just flat out lie about Social security and lead people into thinking there is nothing wrong with they system. the system is broke and it needs to be fixed. But the Democrats would have you believe there is nothing wrong.
And politicians like Joe Heck tell the truth and they get ripped by the liberal media and brain dead politicians like Harry Reid who spread lies.
So when someone asks, who do you trust more, Harry Reid or Dr. Joe Heck, most clear thinking people will chose Dr. Joe Heck.