Social Security is a Ponzi scheme with guns.
All the accounting talk makes it sound legitimate.
Cut off the millions and millions of wetbacks who are getting SSDI and the problem’s solved.Cut off the millions of citizens who are scamming the SSDI program and SS benefits to the rest of us can be increased by 10%.
Our $33 trillion debt will cause the financial collapse of our nation before this ever happens.
WWI Germany hyperinflation, collapse of the dollar, no longer able to pay the interest on our national debt.
There wont be cuts, there will be laws passed to move the retirement age to 70+ and there will be tax increases to fund it.
Social Security cannot fail! We were promised in 1964!
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 twenty years ago AARP magazine had an article on the SS system. They said it is NOT a Ponzi scheme as Ponzi schemes always collapse when there are no new investors at the bottom.
AARP said “Social Security has not collapsed, therefore it is not a Ponzi Scheme.”
A few pages on Jane Bryant Quinn had an article on how the SS system is set up. Without saying the word “Ponzi” it is set up just like a Ponzi scheme with forced new members “contributing” at the bottom.
The SS system, when set up, allowed you to retire at 62 years of age. But the average lifespan back then was 57 years of age meaning most would never get to withdraw anything.
Then came Penicillin.
But not Welfare
If those taxes would have been saved, invested, and utilized for ONLY the purpose they were designated for, there would be no problem. Technically, it may not be a Ponzi scheme, but it’s a Ponzi scheme.
PAYING OUT FROM TODAY’S PAYROLLS IS EXACTLY HOW SS HAS BEEN FUNDED FOR YEARS.
THERE IS NO LOCK BOX.
NEVER HAS BEEN.
$$$$ GOES INTO THE GENERAL FUND.
If that is true (which it obviously is not), SS benefits would not be the only things being cut.
But more money to Ukraine, everywhere, more to buy votes for Biden via paying their loans...