Letter: Social Security reforms a sham
Wednesday, Feb. 2, 2005 | 9:18 a.m.
The Bush administration is poised to initiate its own Ponzi scheme under the title of Social Security reform.
It would have 2 percent of all paychecks drawn in United States of America forcibly injected daily into the stock market on a continuing basis. Under this plan, people would have to buy whatever stocks are currently available, regardless of desirability, price, fair market value or activity projections.
What are the established tests of a Pyramid scheme? The warning signs are many but some of the basics are: Tries to make you cancel or replace a similar contract; claims that profits may be achieved easily; pressures you to sign in quickly without a full investigation and charges a substantial entry fee. Many losers pay a few winners.
Promoters of pyramid schemes are masters of group psychology and confuse you, abuse your trust, and exploit your lack of knowledge. They stress that any delay would cause loss of benefits. If the facts and odds of winning were fully explained, few people would buy in.
In thinking about this proposed reform, people should investigate and verify the claims being made by all parties. They shouldn't be rushed. A good opportunity to build a multilevel structure will not disappear overnight. In addition, people should remember that their future and possible well-being are at stake.
RICHARD LAW
archive
- Most Read
- Discussed
- Most E-mailed
- Vdara hotel marks opening of CityCenter
- Greenspun reorganizes local media operation, cuts staff
- Harry Reid on mortgages: ‘Bank of America must do more’
- UNLV’s poise to be tested in first road game of season
- Employee files lawsuit against Amazon.com, seeks class-action status
- A sad day at the Sun, but a day for hope
- Bail set at $1 million in fatal Thanksgiving Day shooting
- Firefighter jailed for kicking teen boy after basketball game
- Report: Nevada among friendliest states for small businesses
- Sands plants flag in Singapore
Blogs
The Kats Report
Noteworthy: More from the Trop, Cher changes, Newton on CBS Sunday Morning
TUF Heavyweights
Marathon season finale
Politics: Ralston's Flash
Brian Sandoval is still against taxes, for limiting government and empowering people (6 Comments)
Elsewhere
TCU extends Gary Patterson through 2016
The Kats Report
Dissimilar landmarks -- Binion's and CityCenter -- reflect today's Las Vegas (7 Comments)
High School Sports Scene
Prep Football: State Championship (4 Comments)
Elsewhere
UFC debut in Boston likely July or August (1 Comment)
Calendar »
- 3 Thu
- 4 Fri
- 5 Sat
- 6 Sun
- 7 Mon
-
The Cranberries at The Pearl
The Pearl at the Palms | 8 p.m. to 11 p.m.
-
Grand opening of Crystals at CityCenter
CityCenter-Crystals | 5 p.m. to 11:59 p.m.
-
Sans Age spa night at The Stirling Club featuring Danne' King
Stirling Club | 6 p.m. to 7:30 p.m.
-
Bill Engvall at the Treasure Island Theatre
Treasure Island Theatre
-
Rodney Carrington at the MGM Hollywood Theater
MGM Grand Hotel and Casino
-
ILORI sunglass boutique grand opening
Ilori Sunglass Boutique | 5 p.m. to 8 p.m.
The Sun
Locally owned and independent for more than 50 years.
Technorati






