The Social Security system is a gigantic Ponzi scheme. A Ponzi scheme is when you get people to give you money based on the promise of inordinately high secure returns. The con man then uses your money to pay those returns and spends the rest. As word gets around and human greed gets in high gear, more and more people give their money to the scammer. Eventually it must end as with Bernie Madoff who only stole billions; the U.S. Government has stolen trillions.
For years the Social Security system took in more than it paid out to beneficiaries; that is, until 2011, when it had to pay out more than it took in. Until then every excess dollar was sent to the general treasury and spent at the whim of Washington; swapped for Treasury Bills held in the S.S. Trust fund that can only be redeemed by selling them back to the Treasury.
The problem is that the United States is broke so to redeem the T Bills the treasury would have to raise taxes or borrow some more. Since we already borrow 40 cents of every dollar Washington spends, this is not a good option. Neither is raising taxes since every politician's primary job is to get reelected and raising taxes tends to make people angry.
The only other solutions are default or debasement of the dollar. You can bet that the political class will opt for debasement printing ever-increasing dollars and putting them in circulation, creating money out of thin air. Consider that what cost a nickel ( 5 cents) in the 1890s would cost $1.00 in today's devalued currency. Also consider that in the period 2007 to 2010 the average American household's net worth dropped by 40%.
Something has got to give and it will not be a happy ending. Good luck and good night.
Governor asks Utahns to pray for firefighters
Utah Gov. Gary R. Herbert has reached out to local religious leaders with a petition for prayer on behalf of those facing and fighting fires in the state. Following is the content of his letter:
Dear Religious Leader:
A great challenge is facing our state this summer. Extremely hot, dry, and windy weather conditions are creating one of the most dangerous fire seasons in our state's history. We have already suffered through several major fires.
During this past week, I have met with many residents across our state who have been impacted by the fires. The people of Saratoga Springs, Oak City, Fairview, New Harmony, Scofield, Huntington Canyon, as well as several other communities, have shown an incredible spirit of resilience and cooperation.
Many wonderful firefighters, search and rescue volunteers, state and local emergency and law enforcement personnel, Red Cross volunteers, and others, are doing all they can to stop the fires that are burning, prevent future wildfires from breaking out, and assist those whose lives have been disrupted by the flames.
Our hearts also go out to residents of our sister states who are fighting catastrophic fires too
I am writing to ask you and members of your congregation to join me in praying for the elements to be moderated, the firefighters to be safe, and the lives and homes of our fellow residents to be protected. We are in need of an extra measure of help as we battle these conflagrations. I appreciate your consideration of this request. Thank you for all you do for the residents of our great state.
Gary R. Herbert
Stay engaged during ongoing election season
I appreciate The Park Record providing coverage of Utah's primary election and helping to engage and encourage all residents to go to the polls.
During this ongoing campaign and election season, I urge voters in Utah's 1st District to stay engaged on all levels school board, municipal, county, and federal. Please continue to invest the time to learn about the candidates and the issues. We need leaders who know how to prioritize and who will fight for Utah families. We need leaders who understand that issues important to and affecting all of us strengthening education, building a strong economy, protecting access to public lands and developing energy resources responsibility are not mutually exclusive.
My thanks to all who voted for me and I look forward to continuing the dialogue and discourse meeting all the voters as I travel through the county.
As we celebrate Independence Day in this incredible mountain community, let's remember Thomas Jefferson's words about the importance of voting: "The rational and peaceable instrument of reform, the suffrage of the people."
Not left, not right, forward!
Candidate, Utah 1st Congressional District