Social Security system will be going into bankruptcy in a few short years leaving our children and grandchildren high and dry unless Social Security taxes are precipitously raised to meet the commitment we made to them. What a shame!
Is Social Security a Viable Program or just another Ponzi Scheme?
Ida May Fuller, the first recipient of a Social Security benefit check in 1940, paid a total of $24.75 into the Social Security fund. Her first monthly S/S check issued in 1940 was for $22.54, almost as much as she paid in. Over the ensuing 35 years of her life, she collected a total of $22,888. Her case is reminiscent of the early investors of a Ponzi scheme. They get paid off from the investments of future dupes (or victims).
Social Security, a well-meaning program instituted to help seniors during their non-working retirement years, has turned into a financial nightmare for the workers of today (not for the present retirees), who are paying F.I.C.A. taxes and not expecting to collect anything when they retire. The cost of the program has mushroomed over the years from its inception in 1935. Let's take a look.
