Is Social Security a Ponzi scheme as claimed by GOP presidential candidate Rick Perry or can it continue to pay full benefits for 25 years and can easily be put on a sound financial footing for the forseeable future with a few minor changes as claimed by the Social Security fund trustees?
That's a false choice. It can be a yes to both. It's unsustainable in its present form and should be fully funded out for 75 years.
Social Security taxes are invested in special U.S. Treasury bonds. Theoretically, Congress could default on those bonds, but that's a very remote possibility. Here's a factual explanation of how Social Security funding works:
Bernie Sanders say all you would need to do is raise the cap on FICA to $250,000, instead of the $106,00 it is now, and it would be solvent for 75 more years.
But you know darn well the Republibaggers won't do it.
They have already pledged to not raise taxes...no matter what.
They are into shrinking, not caring!
I love the word "Entitlement" Like I haven't paid into this Black Hole for 30 years.
An individual that pays into the system for 40 years should have enough to pull from the system for 10-12 years if no interest were ever paid on the money. SS checks are based on an individual's earnings in the final years of his/her working life. Only 79% of Americans reach retirement age. Only 60% get to 75. The main problem has to do with administrative expenses, especially Medicare, and the large number of questionably disabled people collecting Social Security along with the costs of the support system, rental subsidies, utility subsidies, food stamps, etc.
by SparklingJewel 7 years ago
I would be interested to hear opposition to the stated "facts" in this video...Has anyone done an extensive research on the origins of Social Security?http://www.youtube.com/watch?v=V4BjLrTq … r_embedded
by ptosis 10 months ago
Why is Social Security not a Ponzi scheme? Or is it?A Ponzi scheme is a fraud. Nobody is being misled by SS & is the morally the polar opposite of a Ponzi scheme. Certain people make bogus claims that SS is a Ponzi scheme. The reason that SS isn't a Ponzi scheme is...
by Marc Woodard 8 years ago
This Exerpt taken from my hub "A Stern Message to our Health Reform Politicians""They steal our tax dollars without representation, run up debt in back room deals and God knows if our GDP will be enough to clean up our debt even within a hundred years. You see if Bernie Madoff would...
by spbarton21 6 years ago
Do you believe that Social Security is a Ponzi scheme?Social Security was founded in order to give Americans assurances that they would have money when they retired. The idea was good on paper as a growing population would always ensure that the number of people paying into the system would be more...
by IndiePharm 6 years ago
I've recently joined JBP and I like the concept, I've even talked about it in my latest hub. How do you feel about similar sites and generally about the concept of making money online?
by Brad Masters 2 years ago
Is there a problem with Social Security and Or Medicare?If there is a problem, what kind is it?Who created the problem, and when?How do we fix it?
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