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Old 09-29-2019   #18
Ted Striker
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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.

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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