The Social Security Ponzi scheme starts to collapse…
…just as the baby boomers begin to receive their benefits. Like all Ponzi schemes it crumbles as the number of participants wanting their payback grow.
I had an argument about Social Security being in a deficit condition with a work colleague. My Progressive friend was beyond extremely confident that I was incorrect. I’ll let him bring it up!
This year alone, Social Security is projected to collect $45 billion less in payroll taxes than it pays out in retirement, disability and survivor benefits, the nonpartisan Congressional Budget Office said Wednesday. That figure swells to $130 billion when a new one-year cut in payroll taxes is included, though Congress has promised to repay any lost revenue from the tax cut.
