SS is a Ponzi scheme insofar as most participants have the impression it’s a “money in -> money invested -> money out” plan, that somehow it’s their money they put in which they’re getting out (with paltry interest, of course).
SS isn’t a Ponzi scheme insofar as the “investment” form is long gone (if it ever existed; I’m still researching that), at it is nothing more than a straight “you pay money in today, someone gets money out tomorrow” redistributive tax, and anyone exerting any attempt to understand the program understands this.
The former amounts to felony fraud, the other amounts to normal taxation.
The difference is mere semantics. Which you choose depends only on whether you’re a member or target of the coming lynch mob.
Either way, we soon won’t have enough money coming in to pay money going out, and that point is a lot sooner than alleged because the so-called “trust fund” bonds in question are paid out of the general fund which is already spent twice over.
“if it ever existed; I’m still researching that”
Ping me if you find detailed information on that. I find that stuff fascinating.
Today, as you probably know, the government takes the excess SS taxes (or did up until a few years ago when the SS deficit started) and spent it, giving in return a bond to a special closed account that can’t be bought or sold on the open market. And.... as we all know, something that can’t be bought or sold is worthless.