“ In a Ponzi scheme, a con artist lures investors into a fake investment project, pockets the cash, and then gets new “investors” to funnel their cash to the earlier investors”
This literally describes how Social Security operates.
Now the second half if the article is him bashing on crypto, but since he is against it, I may change my mind and start putting money into it.
Without reading the article itself and just commenting on your post, with Social Security there is no con artist luring in people who participate on their own free will. Rather, it is the government forcing people to participate in it.
It would be interesting to see that money invested back into American companies and the returns used to grow the fund. Not saying it’s a goo idea, but an interesting idea.
I consider the vast majority of our elected federal officials to be con artists.
But your correct about the lack of free will, which makes is even worse.
The sad part is that social security made sense when it was first set up because there was a separate fund for it where contributions were made by people who were still in the work force and distributions were made to people who retired and had contributed it while they were working. In many ways it was like an escrow account. That was before corrupt politicians found ways to spend that fund for other reasons
This is a perfect example of the dangers of career politicians. There was a time when a person was expected to only serve for a short time as a public service while earning a lot less than they could in the private sector. Politics was never suppose to be a was for people for people who didn’t have much money when they entered politics to become mysteriously Uber wealthy while they were in office