by the Left Coast Rebel
This morning I caught Jonathan Hoenig (left) on Fox News' Cashin' In. I transcribed while enjoying a cup of Saturday morning java:
"Social Security by definition is a Ponzi scheme. It is Bernie Madoff on the largest scale, they lock you up for things like this. There is no savings, there is no investment, there's no ownership, no account with your name on it - there's just looting you today with the promise that they will loot future generations on your behalf."
Jonathan is just my kind of guy. Leftist talk show host Mark Liven (spelling?) followed Hoenig's statement by saying,
"Don't worry, the law says that you are required to get Social Security, the only way that you won't get Social Security is if Republicans are elected and they do what Jonathan wants."
I wish that were true. Any student of history will note that Republicans have done quite the opposite. Mark is also woefully ignorant of history. Cato's Michael Tanner explains:
Many people believe that Social Security is an "earned right." That is, they think that because they have paid Social Security taxes, they are entitled to receive Social Security benefits. The government encourages that belief by referring to Social Security taxes as "contributions," as in the Federal Insurance Contribution Act. However, in the 1960 case of Fleming v. Nestor, the U.S. Supreme Court ruled that workers have no legally binding contractual rights to their Social Security benefits, and that those benefits can be cut or even eliminated at any time.Are you pro-choice, liberals? Time to privatize!