Social Security is nothing but an elaborate Ponzi scheme
In response to Curtis L. Jackson’s Friday letter to the editor:
Those who actually believe that Social Security is solvent do not understand what has happened to the so-called trust fund. The “assets” in the fund are simply an illusion — an accounting trick, actually.
Social Security is payroll tax that transfers money from the working class to the retired class, and one that entitles those who pay into the system to collect from others at a later date. The government spent the money for other purposes, and replaced it with IOUs that are now a large part of the national debt. The only way to pay back that debt is to tax us again to replace the taxes we’ve already paid.
If this isn’t a Ponzi scheme, I don’t know what is. Thievery, actually.