Social security would be a ponzi scheme if it wasn’t done by the government. System only works because new younger people are “convinced” to put in money to pay the old in hopes that new younger people will pay them in the future.
The social security liability is currently 23 trillion. If no new people started paying in and everyone wanted to cash out, they couldn’t get a dime.
We are 33 trillion dollars in debt. 33 trillion.
If we as a country ever tried to cut spending and save money to pay that down, our economy would collapse so fast.
Social security would be a ponzi scheme if it wasn’t done by the government. System only works because new younger people are “convinced” to put in money to pay the old in hopes that new younger people will pay them in the future.
The social security liability is currently 23 trillion. If no new people started paying in and everyone wanted to cash out, they couldn’t get a dime.
We are 33 trillion dollars in debt. 33 trillion.
If we as a country ever tried to cut spending and save money to pay that down, our economy would collapse so fast.