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  • Social Security: A Ponzi Scheme? [View article]
    For once Cramer is right. Social Security is the biggest ponzi scheme ever put over on the face of the planet with the notable exception that everyone is required to participate.

    The unfunded liablility is over $11 Trillion. The fact that it hasn't been allowed to go bankrupt yet (as it would have if it were a private pension plan) doesn't mean that it's viable. The only way it can continue is to keep watering down the benefits to the point where they are worthless due to inflation eroding the dollar's purchasing power.

    Sure, you'll get your Social Security check, but it will only buy you a sandwich and a cup of coffee.

    Even FDR counted on the natural tendency of participants to get what they were "owed" to discourage having the program ever discontinued, implying he knew that it was financially unteneble in the long run.
    Dec 30 12:24 pm |Rating: 0 0
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