Social Security Ponzi Scheme!

Social Security Ponzi Scheme! www.watchdogonwallstreet.com

Episode Transcript

Speaker 1 (00:00):
The Watchdog on Wall Street podcast explaining the news coming
out of the complex worlds of finance, economics, and politics
and the impact it we'll have on everyday Americans. Author,
investment banker, consumer advocate, analyst, and trader Chris Markowski.

Speaker 2 (00:16):
Social Security is a Ponzi scheme. I'm livid right now.

Speaker 3 (00:22):
I podcast yesterday on social Security. I've written about social Security,
We've explained how social Security works. And now because it's
more people are paying attention to the reality of the
Ponzi scheme and Mike Lee putting out some text. All
of a sudden, you get the left.

Speaker 2 (00:42):
Wing lunatic losers out.

Speaker 3 (00:45):
There, and I'm going to do the best I can
to keep this under control. Little serenity now, Jerry Serenity now,
a little Seinfeld reference. But anyway, watching Robert Reich. This
guy again, he's a professor, I don't know what college
out in California. He used to be the Labor Department

(01:06):
secretary under Bill Clinton. The guy has never been right
about a single thing in his entire life. Yet he
still maintains a job, and he's putting out videos right
now defending social Security. And he says, the only thing
that we need to do to fix Social Security is

(01:26):
that rich people put more money into it and pay
more money into it.

Speaker 2 (01:33):
That's exactly what we'll keep a Ponzi scheme going. He's
not wrong, Now, he's not wrong.

Speaker 3 (01:41):
If you get you get people paying more into Social
Security without a doubt, you are going to keep it
afloat longer.

Speaker 2 (01:50):
Well, Cruisin, not a good idea. Should we try to
keep it going?

Speaker 3 (01:53):
Well, Eventually eventually it will collapse, just like any Ponzi scheme.
You could have kept Bernie made off going.

Speaker 2 (02:04):
To the SEC.

Speaker 3 (02:06):
Could they could have said, you know what, we're not
going to shut this down. Let Bernie go out there
and try to raise more money to perpetuate this scam.
Because what is going to happen, And this is the plan,
this is a left wing plan right now. They want
to raise taxes. They want to raise payroll taxes on people.
We talked about payroll taxes yesterday. For most Americans, that's

(02:27):
the biggest tax that they pay. They want to raise
payroll taxes on people. Actually, they almost want to create
a donut hole where they're going to give you a
break from the existing rate all the way up to
four hundred thousand then if you're making over four hundred thousand,
you have to start.

Speaker 2 (02:42):
Paying into it again.

Speaker 3 (02:44):
Well, if you have to be paying into it again,
you're putting more money into it. Eventually, aren't you going
to take more money out? Logic, logic and reason would
say yes, yes, you're going to have to take more
money out. But what they're going to do to do
very simply as they're going to perpetuate this Ponzi scheme
longer and when inevitably collapses again, because it will collapse.

(03:08):
It's not a matter of if, it's a matter of when.
What exactly is going to happen is they're going to say,
now we need to do means testing, and if you
have this big of a retirement account or you're making
this amount of money, you can't have it.

Speaker 2 (03:23):
So that's it.

Speaker 3 (03:24):
And again, if you're one of those people out there
that don't give a damn, you have no problem fleecing others.
This is it's a great deal, Robert Rice deals a
great deal for you.

Speaker 2 (03:34):
But I'm sorry, I'm going to put you onto the
list of life's losers. Life's losers people who don't like
to build, or create, or save or do anything for
themselves and want to rely upon somebody else to do
it for them.

Speaker 3 (03:47):
I know a bit harsh today, but like I said, okay,
I'm not Mary Poppins. No spoonful of sugar to make
the medicine go down. Watchdog on Wall Street dot com