***The latest Trustees Report projects the Social Security retirement trust fund will run out of money by 2033. ***
but,, but we were promised in 1964 it would NEVER run out of money!
https://www.ssa.gov/history/ssa/usa1964-2.html
Self-Supporting
“The program is designed so that contributions plus interest on the investments of the social security trust funds will be sufficient to meet all of the costs of benefits and administration, now and into the indefinite future—without any subsidy from the general funds of the Government. Both the Congress and the Executive Branch, regardless of political party in power, have scrupulously provided in advance for full financing of all liberalizations in the program.”
About 20 or so years ago AARP magazine had an article on how the SS system was set up and it was NOT a Ponzi Scheme. All Ponzi schemes collapse when no new investors can be found. The SS had not collapsed, therefore it was not a Ponzi Scheme.
A few pages farther in was an article by Jane Briant Quinn on how the SS system was set up. Without saying the word “PONZI” it was setup the same way except it made it compulsory to join in.
The original SS system said you could retire at 62 years of age. Problem was back then was that the average life span was 57 years meaning most people would never get to retire.
Then came penicillin.
States are allowed to set up their own retirement programs such that millions of state government employees are exempt from the federal Socialist Security ponzi scheme. All it would take is for ONE state out of 50 to say: if you raise 4 or more children, you can be classified as a state employee, have all your SS deductions refunded, and have your children's future socialist security deduction equivalents paid to you instead of Fedzilla. Traditional American families would flock that state. In a way, that is how Amish families already work.