Social Security: Jonathan Hoenig on Cashin' In


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!

Comments

  1. Will "take no prisoners" HartSat May 29, 03:18:00 PM EDT

    This is a volatile topic, Rebel. I got hammered for simply SUGGESTING that we CONSIDER PARTIAL privatization.....And remember what happened to Paul Tsongas in 1992. He tried to meaningfully address this issue and got swept aside by Clinton. The political will (among both politicians AND the electorate) may simply not be there to solve this problem. Unfortunately.

    ReplyDelete
  2. AnonymousSat May 29, 04:26:00 PM EDT

    GREAT POST BOTH HOENIG AND CATO

    ReplyDelete
  3. AnonymousSat May 29, 06:01:00 PM EDT

    >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.

    Legal plunder, anyone?

    ReplyDelete
  4. Fuzzy SlippersSat May 29, 07:48:00 PM EDT

    This comment has been removed by the author.

    ReplyDelete
  5. Fuzzy SlippersSat May 29, 07:49:00 PM EDT

    oops, posted to the wrong post. Stupid me :(

    ReplyDelete
  6. Gorges SmytheSun May 30, 12:19:00 AM EDT

    Is that "privatize" as in "worthless mutual funds?" Better idea - put it in a jar and bury it in the back yard. Better idea yet - buy whiskey and .22 shells for trade stock when the economy collapses!

    ReplyDelete
  7. AnonymousSun May 30, 08:29:00 AM EDT

    Gorges Smythe is close. Better yet, insist government do its damned job and maintain the value of our currency. With a stable dollar and low inflation, we could all simply put our money in a low interest savings account and be able to take care of ourselves.

    ReplyDelete
  8. tha malcontentSun May 30, 10:02:00 AM EDT

    This comment has been removed by a blog administrator.

    ReplyDelete
  9. Les CarpenterSun May 30, 05:48:00 PM EDT

    Great comments all. I find myself in specif agreement with SilverFiddle.

    A sound monetary policy based on value. Gold anyone?

    In a time that has apparently long since past my grandparents did very well in the system SilverFiddle describes.

    ReplyDelete

Post a Comment

RN USA no longer accepts comments. The information presented is for reflection, contemplation, and for those seeking greater understanding and wisdom. It is for seekers and those with an open mind and heart.

Namaste


Top Posts

Tantra, Chakras, Kundalini & the Big Bang...

Image
When you run after your thoughts, you are like a dog chasing a stick: every time a stick is thrown, you run after it. Instead, be like a lion who, rather than chasing after the stick, turns to face the thrower. One only throws a stick at a lion once. Milarepa   “Just as it is known t hat an image of one's face is seen d epending on a mirror b ut does not really exist as a face, s o the conception of "I" exist d ependent on mind and body, b ut like the image of a face t he "I" does not at all exist as its own reality."    Nagarjuna "Thanks to impermanence, everything is possible.   Nagarjuna
Read more

What is The Purpose of Life | Insights from Steve Jobs, OSHO & Buddhist Teachings...

Image
When you run after your thoughts, you are like a dog chasing a stick: every time a stick is thrown, you run after it. Instead, be like a lion who, rather than chasing after the stick, turns to face the thrower. One only throws a stick at a lion once. Milarepa   “Just as it is known t hat an image of one's face is seen d epending on a mirror b ut does not really exist as a face, s o the conception of "I" exist d ependent on mind and body, b ut like the image of a face t he "I" does not at all exist as its own reality."    Nagarjuna   "Thanks to impermanence, everything is possible."       Nagarjuna
Read more

Obama on the Campaign Trail...

by: Les Carpenter Rational Nation USA Liberty -v s- Tyranny For a President that has talked about unifying in the past it certainly seems this segment of the Presidents recent remarks focus more on divisiveness than unity. I guess politics are, after all just politics. It is more about building a base, telling people what you think they want to hear, and getting reelected than it is about telling the truth. Unfortunately this can be said about both party's. The President: "The Republican plan comes down to this, ‘Dirtier air, dirtier water, less people with health insurance.” h/t: Real Clear Politics "My plan says we’re going to put teachers back in the classrooms, construction workers back to work," President Obama said at a campaign event today. "Tax cuts for small businesses, tax cuts for hiring veterans, tax cuts if you give your workers a raise –- that’s my plan." "The Republicans plan, Obama says, boils down to this: 'Dirtier a
Read more

A Liberals View of OWS... From the New Republic

by: Les Carpenter Rational Nation USA Liberty -v s- Tyranny OWS, the movement lacking leadership as well as defined objectives having a reasonable chance of success. The longer it grinds on the more it look like a bunch of misfit radicals looking for the free ride. However, on the other hand there are certainly those who have a clear vision as to what and why Wall Street needs to change. The reasonable people supporting OWS are doing so to end crony capitalism, corporatism, the unethical practices of banking executives and mortgage lenders, as well as government bailouts of businesses. They also recognize corporate lobbyist must become a extinct group. Given the majority of people would tend to agree with the above someone ought to be asking the question, why doesn't the reasonable Tea Party folks and the reasonable OWS folks come together and pool resources so to speak? Tea Party individuals want more fiscal discipline and restraint so as to bring balance to national fis
Read more

Race Baiting Andre Carson Style

Image
by: Les Carpenter Rational Nation USA Birthplace of Independent Conservatism Libe rty -vs- Trya nny Rep. Andre Carson - Democrat Indiana Allegations of racism being leveled at the Tea Party have been there since the beginning. Anyone who denies the existence of racism, whether from the right or the left is either naive or blind. Both conservatives and liberals should come together and denounce any form of racism, wherever it rears its ugly head. However, the use of race baiting to further the political agenda of an individual or group is as reprehensible as actual racism. Rep. Andre Carson recent remarks with respect to the Tea Party amount to nothing more than over heated race baiting at its worst. From Politico : A top lawmaker in the Congressional Black Caucus says tea partiers on Capitol Hill would like to see African-Americans hanging from trees and accuses the movement of wishing for a return to the Jim Crow era. Rep. Andre Carson, a Democrat from Indiana who
Read more

Taxing the Sale of Your Home

BY: Les Carpenter Rational Nation USA Birthplace of Independent Conservatism Liberty -vs- Tyranny From the inbox at RN USA . I am sure there are many who remain unaware of this provision of ObamaCare. E-mail is reproduced here in full with appropriate linkage. Do you know that if you sell your house after 2012 you will pay a 3.8% sales tax on it? That's $3,800 on a $100,000 home etc. When did this happen? It's in the health care bill. Just thought you should know. SALES TAX TO GO INTO EFFECT 2013 (Part of HC Bill) REAL ESTATE SALES TAX So, this is "change you can believe in"? Under the new health care bill - did you know that all real estate transactions will be subject to a 3.8% Sales Tax? The bulk of these new taxes don't kick in until 2013 if you sell your $400,000 home, there will be a $15,200 tax. This bill is set to mess with the retiring generation who often downsize their homes. Does this stuff make your November and 2012 vote
Read more

Thoughts for Conservatives/Libertrians With Open Minds...

Image
by: Les Carpenter Rational Nation USA Birthplace of Independent Conservatism Liberty -vs- Tyranny Intellectual honesty... A concept worth aspiring to. Unfortunately the philosophic regimen and discipline to achieve this lofty goal has been lost on the current generation of self serving and single issue driven politicians. Make no mistake folks the preceding statement applies to both parties. Neither can get past ideological differences to solve common problems. This site markets itself as an Independent Conservative/Libertarian blog with a strong focus on Constitutional and Randian principles. Understanding the full depth of either requires a bit of study as well as an open mind. Both are attributes that our founding fathers, and the principles that they stood for, require. Maybe this site was naive in its inception as it launched its maiden voyage. It believed, incorrectly so, that conservatives and liberal alike understood the basic and central concepts that lead to the birt
Read more

The Inconsistencies and Hypocrisy...

Image
by: Les Carpenter Rational Nation USA Birthplace of Independent Conservatism Liberty -v s- Tyranny Okay, call me confused, or whatever the F anyone would like to characterize me. It really doesn't matter. You see, the the right is full of sh*t and the left is even more full of sh*t.. To which I have determined to say... SO WHAT. It's a game people. And the name of the game is who who will gain the upper hand and ultimately have  control   of the people. It is sickening, it is unethical, it is immoral, it is life sapping, it is irrational, and it is contrary to the principals this nation was founded on. To which the MODERN day democratic party, as well as the republican party respond by saying... So What? Both parties feel they must force acceptance of their statist anti individual and anti liberty agendas on the people. What is interesting,  putting all the hyperbole aside is this... Our country will continue to accept the same old BS from both parti
Read more

Ayn Rand's View of Conservatives...

by: Les Carpenter Rational Nation USA Birthplace of Independent Conservatism Liberty -v s- Tyranny For the purpose of clarification with respect to Ayn Rand's view of conservatives... and why I find it so utterly amusing that most conservatives fail to recognize that there is little relationship, if any between her views and theirs. In her on words... “Conservatives” Objectivists are not “conservatives.” We are radicals for capitalism; we are fighting for that philosophical base which capitalism did not have and without which it was doomed to perish . . . Politics is based on three other philosophical disciplines: metaphysics, epistemology and ethics—on a theory of man’s nature and of man’s relationship to existence. It is only on such a base that one can formulate a consistent political theory and achieve it in practice. When, however, men attempt to rush into politics without such a base, the result is that embarrassing conglomeration of impotence, futility, inconsist
Read more