Is Social Security A Ponzi Scheme?
Let’s have a look. What was social security’s purpose?
The original purpose of Social Security was to provide a financial safety net for retired workers, reducing poverty among the elderly. It was created in response to the Great Depression, when millions of Americans lost their savings and jobs, leaving older individuals particularly vulnerable.
The money is supposed to be put into trust funds that gather interest and then paid out for benefits.
Theoretically, this is a good system as long as payouts and money are managed correctly.
Unfortunately, it appears that social security is technically broke. But does the government admit that?
NO!!
What is a Ponzi Scheme?
A Ponzi scheme is a type of financial fraud in which returns to earlier investors are paid using funds from newer investors, rather than from legitimate profits. The scheme relies on a constant influx of new money to sustain payouts, making it unsustainable in the long run.
What is the evidence that Social Security is a Ponzi Scheme?
- Chat GPT
