Comment: Let me please explain what Schiff meant

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Let me please explain what Schiff meant

The "left" did get us into this economic morass, but with a lot of help from the Republicans.

It's a laudible goal to protect each citizen and provide them with a minimal retirement for insurance against bad luck in life. This is what Social Security is. It's not meant to make your rich in retirement, but allow you to be able to have some minimal amount of money when you do retire. This is a good thing that the left created.

But, the road to hell is paved with good intentions.

What happened with Social Security is a bunch of criminals in our Federal government "borrowed" from the Social Security surplus we had for the last 40 years. Well, not borrowed really, STOLE.

This is expressely forbidden in the Social Security Act which was created when we were still on a gold standard, before we had a fiat monetary system, before inflation existed without deflation. When the Social Security Act was created, the government could simply place gold in a vault when there was a surplus and keep it there for later use, turning it back into dollars again.

But in 1971, Nixon took us off the gold standard, making that impossible.

But it's not just Nixon. Social Security has run a surplus (taking in more money than it paid out) for most of it's existence. What was done with this money? It was spent on SDI, on the Korean war, on Vietnam, on Iraq War I, and II, on all sorts of crap. This is not permitted under the Social Security Act, but it was done anyhow.

Social Security was a great idea, but you can see how it turned out. Over the next 30 years, the US government needs to find 60 trillion dollars to pay for the baby boomers SS and Medicaid. The Federal government brings in about $3 trillion a year in taxes. How on earth will this be paid for?

The answer is, that it's not going to be paid for.

The "Left" IS at fault for this, their error was in trusting government and not monitoring it. Socialist systems can work, but they require a lot of oversight from the citizens. Socialist systems do not tend to work when they get large. Small ones do.

But it's not just the Left that is at fault for this. The Right is too but it was the Left that enabled it all by creating the opportunity to steal.