bkmk
Around 2004 or so, in a Spring copy of AARP magazine, it was shown that the Social Security System was NOT a Ponzi scheme.
All Ponzi schemes collapse, and as SS had not collapsed it was not a Ponzi Scheme. The Ponzi scheme gets new investors at the bottom and the money works it’s way to the top. The SS forces investors into the scheme like it or not.
A few pages on in there was also an article by Jane Bryant Quinn on how the SS system was set up. Without using the word “Ponzi” she showed it was set up just like a Ponzi scheme, with forced investors at the bottom.
The promise of the SS system,....
https://www.ssa.gov/history/ssa/usa1964-2.html
Self-Supporting
“The program is designed so that contributions plus interest on the investments of the social security trust funds will be sufficient to meet all of the costs of benefits and administration, now and into the indefinite future—without any subsidy from the general funds of the Government.
“Both the Congress and the Executive Branch, regardless of political party in power, have scrupulously provided in advance for full financing of all liberalizations in the program.”
Now we are hearing about how the SS system is about to fail.