It is. It is also unconstitutional and socialist in nature.
And it is defended tooth and nail by supposed "conservatives" on a supposedly "conservative" discussion forum.
America is doomed ...
“Social Security is a classic Ponzi scheme:”
Just like every other government expenditure, even the Defense Department and the pay for Marines, Army and Navy. No government program, pension or payroll can continue unless tax money keeps flowing in. If the money stops coming in - like a Ponzi scheme that runs out of “investors” - the payments/benefits/salaries/appropriations would have to stop.
Social Security is a nation’s poison pill.
It guarantees that the nation will collapse financially—all the rest is timing and details.
Once taken there is no antidote.
The symptoms can be tinkered with at great political cost, but at the end of the day the nation disappears in the dust-bin of history.
The issue is not “when will social security be insolvent”—that is irrelevant.
The issue is when the US .gov becomes unable to generate enough cash (that will be accepted by creditors) to pay its bills.
That collapse may be a few years off or a few decades off—but it is coming as certainly as the sun rises in the morning.
No currency lasts forever.
No nation lasts forever.
That is the ultimate flaw in “social security”—and tinkering won’t fix it.