Better retire Soon

[MisterVeritis]

Social security has never been a ponzi scheme but the liars on Wall Street and their paid minions are still trying to tell people that it is.

It was a classic Ponzi scheme from its inception. Those first in did well. Those last in will pay in more than they take out.

[Peter1469]

Social security has never been a ponzi scheme but the liars on Wall Street and their paid minions are still trying to tell people that it is.

Of course it is.

What Is a Ponzi Scheme?

A Ponzi scheme is a fraudulent investing scam promising high rates of return with little risk to investors. The Ponzi scheme generates returns for early investors by acquiring new investors. This is similar to a pyramid scheme in that both are based on using new investors' funds to pay the earlier backers.

The scheme is collapsing because of demographics: not enough new investors to cover the earlier investors. I.e. we are not making enough babies and growing them into taxpayers.

[jet57]

Of course it is.



The scheme is collapsing because of demographics: not enough new investors to cover the earlier investors. I.e. we are not making enough babies and growing them into taxpayers.

It’s covered through your payroll taxes. The more who work, the more who pay into the fund. That’s why Wall Street wants it’s bad.

[carolina73]

It’s covered through your payroll taxes. The more who work, the more who pay into the fund. That’s why Wall Street wants it’s bad.

The story is pensions not Social Security. Social Security is empty. They are borrowing to keep it afloat.
Don't tell me that you think there is a lock box? LOL There is not even a separate bank to hold it. It is a line item on the governments books and as much of a fraud as saying that taxpayers funds are not being used for abortions.

If Social Security was a private fund then they would close it down and arrest all of the managers for financial fraud.

[barb012]

Any financial problems that social security has is due to the government stealing from it. It doesn't matter if it was a Repub or a Dem. they are all guilty of this crime against its citizens.

[Peter1469]

It’s covered through your payroll taxes. The more who work, the more who pay into the fund. That’s why Wall Street wants it’s bad.

And the boomers are retiring. There aren't enough workers to cover fully covering starting in 2035.

The Ponzi scheme generates returns for early investors by acquiring new investors. This is similar to a pyramid scheme in that both are based on using new investors' funds to pay the earlier backers.

You get a yearly statement from Social Security- read it. It says the cuts are coming.

[Standing Wolf]

It’s covered through your payroll taxes. The more who work, the more who pay into the fund. That’s why Wall Street wants it’s bad.

I don't recall the particulars, but I remember that Bush 42 attempted to get some kind of change made in how Social Security funds are invested - so that every dollar would be funneled through certain banks, who would take a small percentage of it to do exactly the same job, invest in exactly the same funds, as were being utilized then. It was an obvious gift to a few well-connected financial institutions at the taxpayers' expense and didn't ever come to anything.

[Peter1469]

Any financial problems that social security has is due to the government stealing from it. It doesn't matter if it was a Repub or a Dem. they are all guilty of this crime against its citizens.

The problems that I identified would still be here even if Congress never raided the "lock box."

[carolina73]

And the boomers are retiring. There aren't enough workers to cover fully covering starting in 2035.



You get a yearly statement from Social Security- read it. It says the cuts are coming.

I got a statement that basically said my SS amount might be cut by 30%. It was in fine print in an unexpected part of the statement. And it was not a retirement age notation.

[BenjaminO]

It was a classic Ponzi scheme from its inception. Those first in did well. Those last in will pay in more than they take out.

Classic only from the standpoint of the idea and the result. It was never optional for the participants who, in a real Ponzi scheme, willingly joined.