Quote Originally Posted by emu steve View Post
Quick point about Social Security:

It is NOT a Ponzi scheme. Truth be told, that Social Security is OWED several trillion dollars by the general fund as Soc. Sec. has taken in MORE than it has paid out over the 75 years. Soc. Security has actually helped support the U.S. gov't general fund, NOT the other way.
Yes, yes it is. The Social Security "trust fund" [[even if Congress had never spent a penny elsewhere) began paying out more than it takes in some years ago. The paper value- essentially meaningless because Congress did spend the money elsewhere- will be gone entirely in 2035, pending no changes being made. The current payouts to the Social Security system are subsidized by the general fund, a.k.a. deficit spending. A Ponzi scheme is one where current payouts can only be met by an ever-larger pool of people paying in. When the payouts exceed the pay-ins, the sham is exposed and the system collapses. Welcome to Social Security. Social Security seemed to work for awhile because the retirement age was actually higher than life expectancy. That hasn't been true in 40+ years. With people having fewer kids and people also living regularly into their 80s, 90s & 100s, Social Security cannot actually be made solvent.