Social Security: a Ponzi scheme? Part 2

According to the GazetteXtra, the fourth difference between Ponzi and Social Security is a major contrast:

(4) If you apply for benefits after age 62 and continue working, you have to give the government back $1 of every $2 in benefits after you earn $14,160 in a year.

Attempting to differentiate its program from a Ponzi scheme, the Social Security Administration says: “The problem with Ponzi’s investment scheme is that it is difficult to sustain this game…”

Ridenour finds the Social Security game also difficult to sustain.

In its 2011 “message to the public,” the Social Security and Medicare Board of Trustees says, “Projected long-run program costs for both Medicare and Social Security are not sustainable under currently scheduled financing…”

Social Security claims that it is not running a Ponzi scheme because it has “sustained its game” for decades, while Ponzi’s lasted just seven months.

But now, Ridenour says, the Social Security has to fund the 76 million baby-boomers’ Social Security benefits.

In our next blog, you will find Ridenour’s six ways to fix Social Security. Check back on Wednesday.

Again what changes do you think need to be made to Social Security for it to endure?

If you need help with your Social Security Disability benefits, contact the Social Security Disability lawyers at Fleschner, Stark, Tanoos & Newlin.

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