Sunday, February 06, 2011

Social Security is a Ponzi scheme and there is no "Trust Fund"

What's amazing is that one of the Social Security Trustees admits it in this interview. Or should I call him a "Trustee" instead? He also explains what a terrible deal it is for young people.

Don't ever let anyone fool you into thinking that Social Security is solvent, either short-term or long-term. It's insolvent by its very nature.

He says that young people will end up spending 1 out of every 3 dollars they earn on paying for Social Security and Medicare for the old.

I can't believe this guy can still support it, when he realizes all of this.

Let's end these fiascos now. The problems will only get worse over time.

No comments: