Social Security = Ponzi Scheme from the SEC Website
By Jason Hoyt
Rick Perry was right, and its time we start being honest with ourselves and as a nation face up to the difficult decisions that MUST be made. We need to pull our heads out of the sand and stop being afraid to lose political points with voters that may not understand the reality of the situation.
Politicians RAIDED social security a long time ago. There’s NO lockbox with your account balance sitting in it waiting for you to retire. And with boomers retiring in droves, they’re going to be more and more dependent on the few of us still putting into the system.
From the SEC website:
“What is a Ponzi scheme?
A Ponzi scheme is an investment fraud that involves the payment of purported returns to existing investors from funds contributed by new investors. Ponzi scheme organizers often solicit new investors by promising to invest funds in opportunities claimed to generate high returns with little or no risk. In many Ponzi schemes, the fraudsters focus on attracting new money to make promised payments to earlier-stage investors and to use for personal expenses, instead of engaging in any legitimate investment activity.
Why do Ponzi schemes collapse?
With little or no legitimate earnings, the schemes require a consistent flow of money from new investors to continue. Ponzi schemes tend to collapse when it becomes difficult to recruit new investors or when a large number of investors ask to cash out. ”
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