From IBD Editorials:
It goes on to say, "Decades later, the Ponzi scheme continues to work on the 'rob-Peter-to-pay-Paul' principle, as money from new investors is used to pay off earlier investors until the whole scheme collapses."
A Ponzi scheme does not generate any wealth whatsoever; that is why it ultimately collapses.
Today's recipients of Social Security, along with their powerful AARP lobby, represent a powerful political force.
Few politicians are willing to risk their careers alienating today's senior citizens for the benefit of Americans in 2040.
After all, what do today's seniors and politicians care about a 2040 calamity? They will be dead by then.
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