Bloomberg once said Social Security is a bigger Ponzi scheme than Bernie Madoff's

The Week ^ | February 26, 2020

[HangThemHigh]

"Somehow, I doubt that will ever happen."

I hope it won't happen while I need the SS money they stole from me over the years, but as with any Ponzi scheme, it has to happen at some point.

Calling SS a Ponzi scheme is probably a bit harsh, but as a friend of mine used to say, its time to call a spade a GD shovel.

[Tymesup]

Another way we know SS is bad is because of the lie that employers pay for half of it. Workers tolerate 6.2%, but would be incensed if it were 12.4%. Even though it is 12.4%.

[CodeToad]

Companies only have so much for payroll, usually around 30% of total annual company budgets, company industry depending.

If the workers want to take 12.4% away and give it to a government Ponzi scheme, that’s their doom.

Liberals, like children, think money grows on trees.

[gogeo]

He used to tell the truth? Amazing.

Yes, but now he's got his mind right.

[eyedigress]

I hope everybody sees what the Dems are doing.

Get Bloomie on the ticket with Joe.

[gogeo]

It's a Ponzi scheme because it's actuarialy unsound. If a company proposed to run their retirement program on this basis people would go to jail.

It's supposed to be okay because it's the government doing it.

[gogeo]

Another way we know SS is bad is because of the lie that employers pay for half of it.

Really? Tell me more.

[kearnyirish2]

The oddest thing is they openly tell you it is unsound - and keep deducting it from your paychecks...

[Tymesup]

Yes, the employer is zapping 6.2% to the feds for their half. But it’s after the employer figured out how much to pay the employee.

Just realized, the split also makes the benefit look better when compared to what the employee “contributed”.