Re: Is Social Security a "Ponzi Scheme?"
So is Social Security a ponzi scheme?
I'm thinking that initially it may not have been, but it has become one.
When SS was introduced by FDR, I believe the money you took in was the money that you got back out. The money you put in was invested to grow.
Since then, hasn't congress taken a bunch of money out of the SS coffers and put a bunch of IOUs in? If so, then aren't current contributors paying the current recipients? And, if that's the case, how is it not a ponzi scheme?
If a man were behind four months on his mortgage and was talking to you about his plans to build an addition on his home you would think him daft and delusional. But in Washington, ignoring a current crisis to discuss grand dreams is called “boldness” and “vision.”