Is Social Security a Ponzi Scheme?

Since its inception, the United States Social Security system has been heralde

d by many as a testament to our society's commitment to its elderly citizenry, and lambasted by its critics as nothing less than a cheap parlour trick, the mother of all Ponzi schemes. Critics say the solution is privatization-making each person's social security a mandatory retirement savings plan that is earned and kept by each individual. Supporters of maintaining the current system say that it is the only equitable way of looking after the elderly, and they further counter claims of insolvency with the fact that the government made promises to those who have paid into the system for their whole lives and who expect to be looked after as promised when they paid their social security deductions.

Is Social Security a Ponzi Sch

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