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‘Buckle up!’ Mike Lee exposes government’s ‘Ponzi scheme’ Social Security grift in damning thread

December 3, 2024 | | Print Article

A must-read thread from Utah Sen. Mike Lee (R) explained the “bait and switch” that allowed the government to institute a comparable “Ponzi scheme” on the American people.

“Buckle up because this is a wild ride.”

After forcing citizens to pay in for decades under the promise of retirement savings, conversations around reforming Social Security typically involve upping the age for receipt or altering benefit payouts.

In a call for “real reform” that could well include a phase-out of the nearly 90-year-old program, Lee sought to raise awareness on the establishment and current practices of the Social Security Administration that put Americans worse off than if they’d been allowed to keep their earnings in the first place.

“Of all the deceptive sales techniques the U.S. government has used on the American people, one of them–the Social Security Act–gets far too little attention,” he began Monday. “Buckle up because this is a wild ride.”

In presenting his case on how the public was deceived from the get-go on how their money would be set aside for retirement, the senator raised the 1937 Supreme Court case of Helvering v. Davis and explained how questions of the constitutionality of the Social Security Act led then-Assistant Attorney General Robert Jackson to argue, similar to how Chief Justice Roberts preserved Obamacare by deeming the individual mandate a tax, “in essence, ‘Oh no, this isn’t YOUR money at all. This is a TAX, and we can do whatever we want with it.’ Classic bait and switch.”

“Now, let’s talk about what happens to ‘your money’ once it’s in the government’s hands. Spoiler alert: it’s not managed like your IRA or 401(k),” wrote Lee.

Since the return was lower than inflation, the scholarly lawmaker argued investing in “ANYTHING else” would leave Americans better off by the time they retired, even with government taxation on those funds.

“And let’s talk about how this system is set up to fail. The demographic shift? More retirees, fewer workers. It’s almost fair to compare it to a Ponzi scheme that’s running out of new investors,” he went on.

In like fashion, during a February Senate Health, Education, Labor, and Pensions Committee hearing, Alabama Sen. Tommy Tuberville (R) called out the “scam” of Social Security as he warned, “There’s going to be about 150 million people coming up here saying, ‘Where’s our damn money that we paid in?’ I could have put my Social Security money, 40 years in tax, in the market and probably be worth $8- to $10 million today, but the federal government wasted it.”

“This is all a scam. I mean, we got people that’s getting ready to retire that’s gonna try to live off $2- to $3,000,” he contended. “Impossible.”

“It’s impossible. Because what happens? It comes up here. We spend it,” lamented Tuberville of the bloated federal government. “We’re $35 trillion in debt. We don’t have any money. We’re dead broke. And then taxpayers have $2 trillion in credit card debt. We are in huge trouble.”

(Video Credit: Senator Tommy Tuberville)

Lee took a similar tact as he chided the mismanagement of the Social Security Administration in calling for genuine reform to let Americans invest how they saw fit.

“We were sold a dream but received a nightmare. It’s time for a wake-up call. We need real reform,” argued the congressman as he noted how the Social Security Trust Fund was routinely tapped by Congress for whatever they deemed “necessary.”

Designated as the co-leader of the proposed Department of Government Efficiency alongside businessman Vivek Ramaswamy, Elon Musk shared Lee’s account of Social Security with the caption, “Interesting thread,” as others agreed it was time to stop ripping off the American people to support the whims of the establishment.

Kevin Haggerty
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