THE GREAT SOCIAL SECURITY ROBBERY: How President Obama Has Been Stealing From America's Senior Citizens and Future Retirees

THE GREAT SOCIAL SECURITY ROBBERY: How President Obama Has Been Stealing From  America's Senior Citizens and Future Retirees

(Idea Factory Press, Phoenix, AZ) - Social Security was supposed to be better than a fixed pension.

Its payments were supposed to increase each year to keep up with inflation, so that senior citizens would keep the value, the same purchasing power, they had earned.

“But under President Barack Obama, those on Social Security have been robbed year after year of the cost-of-living adjustments (COLAs) they deserve,” says financial author Lowell Ponte, a retired editor of Reader's Digest magazine.

“This is shameful hypocrisy...a betrayal of retired workers by Democratic politicians who pretend they are protecting Social Security,” says Ponte, a former think tank futurist and analyst.

Real-world price inflation has been running between 6 and 11 percent a year since President Obama took office in 2009, according to economist John Williams of ShadowStats.

Williams, says Ponte, “uses the old honest government methods of calculating inflation, not the tricks and gimmicks the government has recently adopted to make things seem better than they really are....and to justify the politicians' reneging on promised COLAs for Social Security and other government programs.”

Shortchanging Our Seniors

“The Obama Administration pretends, using rigged government numbers, that inflation is only 1.4 percent per year, because that's the meager average annual cost-of-living adjustment the President has given Social Security recipients for the last six years,” says Ponte.

“President Obama gets his meals for free at White House banquets and million-dollar political fundraisers,” says Ponte.

“Mr. Obama apparently doesn't shop in supermarkets, where hamburger now costs more than steak did when he became President,” says Ponte.

“People on Social Security are squeezed, getting poorer and poorer because their meager COLA increases don't even begin to keep up with our fast-rising cost of living.”

“During his first three years as President, Mr. Obama allowed effectively zero increase in cost-of-living adjustments,” says Ponte. “But when he had to stand for re-election in 2012, President Obama announced a 3.6 percent increase, roughly half the minimum rate of real world inflation driving up prices.  After his re-election, these yearly increases plunged by more than half, and will be only 1.7 percent in 2015.”

“In 2012, after three years with zero increases, those on Social Security had lost between 18 percent and 33 percent of the purchasing power of their monthly payment – so even President Obama's political 3.6 percent increase on their diminished baseline payment was a huge rip-off,” says Ponte.

“Mr. Obama has permanently lowered the baseline value of every future Social Security payment, not only for today's recipients but for future generations,” says Ponte.

“This probably means that most of those under 45, who today are paying into Social Security, will never get back the value they are paying in,” says Ponte. “President Obama's Social Security rip-off, deliberate inflation, and job-killing taxes are destroying the hope of retirement for Generation Y and Millennials.”

Looting Social Security's Trust Fund

This is happening, explains Ponte, “because in recent years our spendaholic lawmakers looted $2.66 Trillion from Social Security's Trust Fund. There once was supposed to be a 'lock box,' but lawmakers smashed the lock and took the money seniors had been paying in since the 1930s.”

“The politicians now claim Social Security's Trust Fund is intact because they wrote IOUs and left them in place of the trillions they stole,” says Ponte. “But to repay these IOUs, the politicians must either massively raise taxes or massively cut Social Security benefits.”

“The easiest way to cut benefits is simply to drastically shrink Social Security's cost-of-living adjustments, and then to blame heavily-taxed 'greedy capitalists' for raising their prices, which is precisely what the mostly-Democratic politicians who looted the Social Security Trust Fund are doing,” says Ponte, whose articles have appeared in the Wall Street Journal, the New York Times, and other publications.

“To add insult to this huge injury to today's and tomorrow's Social Security recipients, these politicians have directed the U.S. Treasury and Federal Reserve to print more and more trillions of paper dollars out of thin air,” says Ponte, whose fifth book co-authored with monetary expert Craig R. Smith, titled Don't Bank On It! The Unsafe World of 21st Century Banking, was published in September.

“By printing these trillions out of thin air, our government is fueling more and more inflation, which accelerates the debasement of the U.S. Dollar and the devaluing of the Social Security checks that millions of Americans depend on,” says Ponte.

“Financial Repression” Robs Bank Accounts

“On top of this betrayal, the politicians are having the U.S. Treasury and Federal Reserve deliberately impose what economists call 'financial repression,'” says Craig Smith, an expert frequently interviewed by Fox's Neil Cavuto and other prominent financial journalists.

“For those with their savings in the bank, this holds the rate of interest depositors get below the rate of inflation. And this means that those with bank accounts lose purchasing power on their money every day that they have a bank account.”

Their new book Don't Bank On It! documents 20 major risks that bank accounts face. These include new laws and government policies that effectively make the bank, not the depositor, the owner of what people think of as “their” bank accounts.  

People tend to think their bank accounts are safe because the Federal Deposit Insurance Corporation “insures” their accounts, but Smith and Ponte show that the FDIC has the resources to restore only one out of every $14 it insures.

“They reduced the risk of 'bank runs' caused by fractional-reserve banking by giving people 'fractional-reserve' government deposit insurance that can't really protect them in a major financial crisis,” says Ponte.

“If even one of America's five biggest banks – which among them hold half of America's bank accounts – was crashed by foreign computer hackers, a bank run or many other risks, the FDIC would be powerless to rescue all its depositors with money as valuable as the dollars they lost,” says Ponte.

“And now the same politicians who stole $2.66 Trillion from Social Security's Trust Fund, and are picking the pockets of today's and tomorrow's Social Security recipients to pay for their giant robbery, are now plotting how to squeeze trillions from America's banks – and especially how to get their hands on the $20 Trillion Americans have in IRAs, 401(k)s and other retirement funds,” says Ponte.  

“We wrote Don't Bank On It! to explain what they are doing, to keep people from being ripped off again, and to show how you can save your savings before it's too late from what the politicians are doing and planning,” says Ponte.

“We offer this book absolutely free and postpaid to bank account holders who need such protection. We just want to save our American rights for our children and grandchildren – and yours, and stop the greedy politicians from destroying everything our Founders built,” says Ponte.

“But a word of warning: If you read our book, you will never be able to see your bank or our government and economy again the way you used to. Given the ways they've tricked and robbed us, this could be a good thing,” says Ponte. “This book will arm you with 256 pages of documented, shocking information that will empower you to protect yourself and your family from what could soon be coming.”

For a media copy of Don’t Bank On It! or to schedule an interview with Craig R. Smith or Lowell Ponte, contact: Bronwin Barilla at 800-950-2428 or email This email address is being protected from spambots. You need JavaScript enabled to view it.

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