Social Security is an Entitlement Program Structured like a Ponzi Scheme & How to Fix It
- Stephen Paluga
- Dec 16, 2022
- 1 min read
In this video, we go back to beneficiary number one, Ida May Fuller, to show how she and many Americans earned their Social Security entitlements and why the structure of the program suggests it is a legal Ponzi Scheme. This information shouldn’t be considered right or wrong, it should just be considered as the Baby Boomer Generation continues to claim entitlements at a rate of 10,000 per day until 2030, and the Trust Fund is drawn down from $2.8 trillion to zero between 2023 and 2030. At the end of this video, I present a solution to not have to cut benefits by 22% as the Social Security Act currently requires by law.
Sources:
IRS Ida May Fuller Article: https://www.ssa.gov/history/idapayroll.html
Social Security Act: https://www.ssa.gov/OP_Home/ssact/ssact-toc.htm
Social Security Annual Reports: https://www.ssa.gov/oact/tr/
Social Security Amendments of 1983: https://www.govinfo.gov/content/pkg/STATUTE-97/pdf/STATUTE-97-Pg65.pdf
FY21 Report of the US: https://fiscal.treasury.gov/files/reports-statements/financial-report/2021/fr-02-17-2022-(final).pdf
