The Social Security system fits the SEC definition of a Ponzi scheme.
Just for the record, Sander Levin is a D from Michigan not Missouri. And I agree
that the Social Security Trust Fund is like the briefcase in the movie Dumb and
@DN: Maybe it's a sign of end times. Gasp!!!!
First, what part of "Ponzi scheme" are people unwilling to admit?Second, smart people have been screaming since at least the 1980s under
President Reagan that Social Security is going broke and needs to be fixed, but
almost no action has been taken. Every time anyone suggests
delaying eligibility age, freezing or reducing benefits, or even means testing
recipients, the liberals go ballistic and charge the people trying to save SS
with wanting to throw grandma off the cliff.Frankly, no one under
the age of 40 will ever see a dime from SS, but they will be paying into
forever. Gutless politicians who demagogue issues and kick them
down the road until after the next election bear the full responsibility for the
inevitable train wreck when SS indeed runs out of money.Not to
mention the horrendous problem as we try to find real money from somewhere in
the budget to pay off the IOU's that were given to SS when Congress stole
the "trust fund" money and spent it for other things.SS is
broke, Medicare is broke, spending uncontrolled, our debts are unsustainable,
and taxes harmful to generating more revenue to help at all.Bad
I knew this was a scam! You don't even need to waste time and money on a
study. We are $16 trillion in debt, going on 20. Like the incompetent, corrupt
and undisciplined federal government is really going to let cash reserves in the
the Social Security Trust Fund go untouched? Get real! Of course they are going
to spend it. The fund is nothing but worthless IOUs. What a scam!
More broke? Most of us have suspected that the system was bankrupt long ago.
No breaking news here.