Social Security is an unfunded pay-as-you-go system, fundamentally flawed and analogous in design to illegal pyramid schemes. Government accounting creates the illusion of a trust fund, but in fact, excess receipts are spent immediately. The government’s own actuaries predict the system will be bankrupt by 2030, but Social Security could face financial crisis as early as 2014. Moreover, Social Security’s relatively poor rate of return makes the program an increasingly worse investment for today’s young worker. ... The system design itself is fundamentally flawed and cannot be repaired. It must instead be replaced by one derived from free markets and operated by free citizenry making individual economic decisions in their own self-interest. ... Reform is long overdue. If we fail to act soon, our children will either inherit a bankrupt system or be forced to pay an impossibly high level of taxes. Only private pensions with individual property rights to accumulate fund balances can create a secure pension system. Chile, which privatized its system in 1981, provides evidence of such a system’s effectiveness.more Karl Borden quotes | An economy cannot long remain prosperous by government's taxing and spending more, now absorbing national output at a rate equal to the entire income of every American living west of the Mississippi. If this trend continues, America will gradually sink into the status of a Third World nation -- more unemployment, more shackles on production, more poverty.more John Hospers quotes | The moral and constitutional obligations of our representatives in Washington are to protect our liberty, not coddle the world, precipitating no-win wars, while bringing bankruptcy and economic turmoil to our people.more Dr. Ron Paul quotes | The ['Hillary Care'] plan prescribed some eye popping maximum fines:$5,000 for refusing to join the government mandated health plan; $5,000 for failing to pay premiums on time; 15 years in prison for doctors who received ‘anything of value’ in exchange for helping patients short circuit bureaucracy; $10,000 a day for faulty physician paperwork; and $50,000 for unauthorized patient treatment. When told the plan could bankrupt small businesses, Mrs. Clinton said, 'I can’t be responsible for every under-capitalized small business in America.'more Tony Snow quotes | The necessity of every one paying in his own labor for what he consumes, affords the only legitimate and effectual check to excessive luxury, which has so often ruined individuals, states and empires; and which has now brought almost universal bankruptcy upon us.more Josiah Warren quotes |
Bankruptcy Quotes 1-5 out of 5
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