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.
“AARP said “Social Security has not collapsed, therefore it is not a Ponzi Scheme.””
Lol.
As long as the .gov has guns to enforce tax collection everything is good.
:-)
If the .gov had started a mass advertising campaign featuring health officials and doctors and nurses explaining that cigarettes were safe and effective—and required that all school children smoke or be expelled from school...they could have kept Social Security humming along with lots of young dead bodies...
Lol.