Social Security IS a Ponzi Scheme
Car in has a good post up about Social Security over at IsThisBlogOn: Depressing post du jour.
Social Security is the tip of the iceberg, regarding Entitlement Spending. The sooner we get used to the fact that Social Security is a Ponzi scheme that is not self supporting, the better. I know no one wants to hear that they are spending 7% of their income (14% for self employed!) on this, and won’t get a return. But math isn’t wrong, and the laws of supply and demand and shrinking birthrates will be it’s undoing.
At the time of Social Security’s founding, the life expectancy wasn’t over 65, which was the time you would start to collect. Think about that.