"If Republicans wanted to Destroy America, they would Vote Democrat."
Even when the population was growing quickly the government had to keep taking more and more of the workers' money to keep Social Security solvent. Now that the population growth has slowed significantly it can only get worse. Don't be shocked if the percentages are raised again.
You can call SS a Ponzi scheme only if you know nothing about SS.
But then if arguments could not be based on false "facts" this site would not exist.
If you consider Social Security to be an investment program, then it is a Ponzi scheme.A Ponzi scheme is a fraudulent investment operation that pays returns to its investors from their own money or the money paid by subsequent investors, rather than from any actual profit earned by the individual or organization running the operation.
If you think of it as insurance, then it is just a really expensive and poorly designed insurance program - one that few people would buy into if they weren't forced.
But you are right about few buying into an insurance plan that mimicked SS.
Who would buy a blanket policy that covered;
benefits for your minor children in the event of your early demise,
disability benefits if you can't work,
It covers so much that few would think they would ever need it. But since it is so often cited as the major reason for the decline of poverty among the elderly, one might say that SS does more for most folks than does the "market".
As a retirement plan, my 401k beats SS by a mile. But when you consider the other things it does you can see it's value.
I have seen lots of folks to whom SS makes a huge difference in their lives.
Considering that you can average about a 2% return on the money you pay into Social Security, it is a terrible investment - and one few would buy into if it wasn't forced.
Yeah, like conservative pundit and goddess of the far right Ayn Rand said, Social Security is a fraud and that anyone who collects funds from it is a "leech". Funny thing is, when she got old and spent all her money, she went on SS under her husband's name.ponzi scheme?
Thus, it turned out the Christ hater was a welfare "leech" besides being a hypocrite.
Once you lock in a rate, it doesn't change, so the price will stay the same when you are 30, 40 or even 50. After that, you shouldn't need life insurance, since you'll have your retirement savings to pass down or live off instead.
Part of the reason many people don't have coverage is because they are already paying for coverage through Social Security.
Regardless, how is it acceptable for the government to punish the responsible among us because some people are irresponsible? Some bureaucrats have the arrogance to decide how everyone should live their lives and spend their own money. Even you have that attitude, by deciding that people aren't responsible enough to be trusted to take care of themselves.
Leave people alone to live their own lives in their own way.