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Old 09-29-2019   #18
Ted Striker
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Quote:
Originally Posted by RObert Budding View Post
No, Social Security is not a Ponzi scheme. It's a transfer from today's workers to retirees.


WHat? That's the very definition of a Ponzi scheme!



A Ponzi scheme (/ˈpɒnzi/, Italian: [ˈpontsi]; also a Ponzi game)[1] is a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors.[2] The scheme leads victims to believe that profits are coming from product sales or other means, and they remain unaware that other investors are the source of funds.


Quote:
Originally Posted by RObert Budding View Post
And, no, the system will not be bankrupt when the surplus from prior years is consumed. Worse case would be a 20% drop in benefits.

A 20% drop in benefits would send tens of millions of people into irreparable poverty.
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