This statement does not put the responsibility for a ponzi scheme on Roosevelt. It says it developed into. Earlier I said I thought LBJ.
I wish someone would address that point and not provide incessant lectures on the follies of the FDR administration.
Read the book that I referenced earlier.
I would quote specifics but I do not currently have access to the book.
FDR knew damn well what was being setting up, and how the public was being deceived into accepting it.
OK, here is another interesting article:
The Social Security Ponzi scheme
Here is an excerpt:
the first American to ever receive a check from this new national savings plan was Ernest Ackerman, a streetcar motorman from Cleveland, Ohio who retired exactly one day after the program went into effect. For the five cents that was deducted from Mr. Ackerman's check the sole day he was a 'participant', he received a lump—sum payment of 17 cents. This was a 240% return, which annualizes out to 87,600%. Nice investing, Ernie.
Then, in 1939, a series of changes were made to this new retirement system that included moving up the start of monthly payments by two years. As a result, the first monthly Social Security check went out on January 31, 1940 to Ida May Fuller, a retired legal secretary from Ludlow, Vermont.
This maiden disbursement was $22.54, which, according to Social Security Online, after cost of living increases and 35 years of receipts until her death in 1975, totaled a startling $22,888.92 in payments from a system to which Mrs. Fuller contributed $24.75.
Now, please bear in mind that Mr. Ponzi was only promising people a 40% return on their money in 90 days. By contrast, the first Social Security recipients received yields approaching 100,000 percent.