Walter Williams takes us on a historical tour of social security in his recent column titled “Social Security Deceit”. There are so many juicy insightful quotes, I’ll limit myself to one and suggest you read the article for the rest…
Vital to any Ponzi scheme, like Social Security, is the ability to recruit as many suckers as possible. In 1999, a little noticed part of President Clinton’s plan to “save” Social Security was to force 5 million previously exempted employees into Social Security. If they were forced into Social Security, it would have created billions in additional revenue. Guess what. Twelve senators, including five Democrats — Dianne Feinstein (D-Calif.), Barbara Boxer (D-Calif.), Christopher Dodd (D-Conn.), Richard Durbin (D-Ill.) and Edward Kennedy (D-Mass.) — descended on the White House to demand that President Clinton not support forcing 5 million of their constituents into Social Security. They warned of the adverse impact on employees in terms of lower rates of return and lost flexibility.
