Thursday, May 23 2013 7:32 AM EDT2013-05-23 11:32:50 GMT
A two-family home in Norwood has been evacuated due to a large sinkhole in the basement. Police say a 25-foot hole has opened in the building in the 1900 block of Maple Avenue. Two people living on theFull Story >
A two-family home in Norwood has been evacuated due to a large sinkhole in the basement.Full Story >
Thursday, May 23 2013 7:30 AM EDT2013-05-23 11:30:45 GMT
Construction is nearly completion at U Square @ the Loop. The 4.2 acre strip of land along McMillan Avenue has seen an impressive transformation since its groundbreaking in January 2012. U Square @ theFull Story >
Construction is nearly completion at U Square @ the Loop.Full Story >
Thursday, May 23 2013 7:26 AM EDT2013-05-23 11:26:07 GMT
A Lower Price Hill man is arrested on rape charges. Police say Shyon Clark, 28, engaged in sexual conduct with a 10-year-old girl. He is expected to appear in court on Thursday. Copyright 2013 WXIX.Full Story >
A Lower Price Hill man is arrested on rape charges.Full Story >
Thursday, May 23 2013 7:23 AM EDT2013-05-23 11:23:52 GMT
A Park Hills man is arrested on child abuse charges in Hamilton County. Police say Stephen Wyler, 26, seriously injured a child in October of last year. He is charged with felonious assault and two countsFull Story >
A Park Hills man is arrested on child abuse charges in Hamilton County.Full Story >
(FOX19) - In his book "Fed Up" Texas Governor Rick Perry wrote that Social Security is an illegal ponzi scheme.
During the debate Wednesday night, he was again asked about that comments and the Texas Governor didn't back down.
He again said that the program is a ponzi scheme and added this.
"and it is a monstrous lie. It is a ponzi scheme to tell our kids that are 25 or 30 years old today, You pay into a program that is going to be there." said Gov. Perry.
So, is social security a ponzi scheme? To begin with, lets talk about what a ponzi scheme actually is.
Named after Boston con man Charles Ponzi, it is a fraudulent investment operation. In its essential design it's a con. Because the scheme requires an ever-increasing number of new participants to pay off earlier investors, they inevitably collapse.
Is that social security?
It is true that Social Security depends on future investors to pay for current ones. But Social Security isn't an individual investment plan.
It's a government insurance plan that offers seniors a predictable income. Retirees do depend on future workers to pay their Social Security benefits, though unlike a ponzi scheme, nobody pretends otherwise.
Under the programs design, if you die before you become eligible, your estate doesn't get your money. If you live longer than average, you get more than what you paid in.
Social Security is also referred to as a ponzi scheme because money is taken out of the Social Security Trust Fund and moved to treasury bonds taken from one place and used in another.
The lie, says Governor Perry is that Social Security will be there in the future. Unlike regular investments, participants in social security don't own their accounts. For years, Social Security collected more in payroll taxes than it paid out in benefits, but that is no longer the case.
The program is now drawing on the surplus accumulated during those years.
By 2036, the program's actuaries predict, Social Security will have exhausted its reserves and will only be able to pay 77% of promised benefits.
Here's what you need to know.
Charles Ponzi's scheme was unsustainable because the basic math of his system required ever increasing and unrealistic numbers of investors.
But the reality is that Social Security's system is also unsustainable, at least the way it is currently structured.
That is because for those 25 and 30 year olds, who Governor Perry spoke of, they will have to support an increasing number of retirees who have much fewer workers to support them.
Tuesday, May 21 2013 10:31 PM EDT2013-05-22 02:31:55 GMT
The claim that the ongoing IRS scandal is limited to low level employees is falling apart. The six Cincinnati workers we have identified, who sent scrutinizing letters to conservative groups with wordsFull Story >
The claim that the ongoing IRS scandal is limited to low level employees is falling apart. Full Story >
Monday, May 20 2013 5:09 PM EDT2013-05-20 21:09:30 GMT
A Warren County government office is evacuated after a suspicious powder is found. The Health and Human Services Center building on East Street in Lebanon was evacuated just after 11:00 on Monday. PoliceFull Story >
Police say that HAZMAT crews and the FBI were called to investigate the powder. The FBI has since left. Full Story >
An Oregon girl abducted as a baby and missing for 18 years finally emerged in Dallas this week when her mother turned herself in to authorities, according to the Polk County Sheriff's Department. Full Story >
An Oregon girl abducted as a baby and missing for 18 years finally emerged in Dallas this week when her mother turned herself in to authorities, according to the Polk County Sheriff's Department.Full Story >
Tuesday, May 21 2013 7:20 PM EDT2013-05-21 23:20:28 GMT
The Cincinnati Tea Party announced that it will protest the IRS on Tuesday over the targeting of liberty groups regarding their tax status. The protest will begin at Fountain Square at noon on TuesdayFull Story >
The Cincinnati Tea Party protested the IRS on Tuesday over the targeting of liberty groups regarding their tax status. Full Story >
Monday, May 20 2013 9:21 AM EDT2013-05-20 13:21:47 GMT
WILMINGTON, NC (WECT) - An Army wife who lost over 100 pounds while her husband was away in Afghanistan surprised the soldier Wednesday when he arrived at Wilmington International Airport. Misty Shaffer,Full Story >
A soldier from Wilmington returns from Afghanistan to a big surprise: a new wife, a new house and a different child.Full Story >
Wednesday, May 22 2013 4:39 PM EDT2013-05-22 20:39:05 GMT
Brandon Phillips bounced a bizarre double over first base to snap a ninth-inning tie, and the Cincinnati Reds completed a three-game sweep of the struggling New York Mets with a 7-4 victory Wednesday. JoeyFull Story >
Brandon Phillips bounced a bizarre double over first base to snap a ninth-inning tie, and the Cincinnati Reds completed a three-game sweep of the struggling New York Mets with a 7-4 victory Wednesday.Full Story >
Monday, May 6 2013 1:29 PM EDT2013-05-06 17:29:07 GMT
A man charged with public indecency is expected to appear in court. Police say 36-year-old Jason Fletcher and Laura Oditt engaged in sexual conduct in a public place. The location is not named in courtFull Story >
A man charged with public indecency is expected to appear in court.Full Story >
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