Replies

It was always full of IOUs!
LBJ just made it worse. They are really YOMs(You Owe Me)!
The working generation redeems (pays for!) the IOUs (promises made to!) for the retired generation.
It was purposely set up that way so one generation pays for the other.
Its a Ponzi scheme! As long as the demographics are such that those who pay in (the working generation) significantly out number those receiving (retired generation) it sort of works. Classic Ponzi!!
Also you’re not supposed to live to 65! Many many people take out far more then they put in. Google Ida Mae Fuller - the first SS recipient, she took out almost 10 times what she put in. There are thousands and thousands of Ida Mae Fullers! You can’t blame these people, its just the system as it is set up by our corrupt political class. All enabled by people’s naivety about money, what it is, and how its created. I thinks it confusion between value, productivity & money.