Moon Kil Woong

Social Security: A Ponzi Scheme?

Ponzi schemes are forms of fraud similar to pyramid schemes where there is no intention of paying back the unfortunate last investors in such a fraud. Considering anyone who is young and smart never intends on getting a dime back from their investment in social security, you may not call it a ponzi scheme because it's solvent right now, but it's hard not to call it a fraud.

Like Bernie, the US government has been siphoning money from it for years to pay for its excesses. If it was anyone but the US government, the people running social security and the federal government playing the accounting rules to embezzle its assets would have been shut down and their executives would all be sitting pretty in prison. So call it what you want, but almost everyone knows it to be a farce.

The sad fact is, providing entitlements, especially ones you paid for for retirements is a very beneficial thing. Abusing such a system is just outright crookery.