Some idiot wrote (and the Star must have thought it cute enough to print in the Let it Out section today) “Aren’t you glad your Social Security wasn’t invested in Wall Street?”
Actually, no, I’m not. Because my Social Security isn’t invested anywhere. My Social Security doesn’t exist, because the Social Security taxes I pay are being turned around and paid out to my mother in real time.
Look, folks, we’ve been through this. The Social Security “trust fund” doesn’t have anything in it but a few government IOUs. Because Social Security is a Ponzi scheme that depends on working stiffs like you and me to pay blindly into it without protest.
My 401(k) and Roth IRA, however, even though they’re only worth about 75% of what they were worth at the beginning of the year in dollars, are still worth exactly what they were worth a week ago — in shares. Which means that when the market recovers — as it always does — I will still have the same amount of equity that I did before all this trouble started.
Social Security, meanwhile, will be broke by 2017…right about the time I’d like to start thinking about retirement. (That’s what its own trustees say, folks, I did not pull that number out of the air.) Unless of course we force the government — our servant, remember, not our master — into fixing it right now.
Place not your trust in princes, folks. Those greedy captains of industry are always a better bet.