You need to read the definition of fraud. The worst that could happen if Congress does nothing is for retirees to get 74% which is a long way from nothing. Either payroll taxes must go up to cover the rest or benefits must be cut to match the income. It is not fraud, it is not a Ponzi scheme. Period.
Its not going to stop taking in money and in the worst scenario in 20 years it may only be able to pay out 74%.
Congress will either take more income from payroll taxes to cover costs or they will cut benefits to match current income. You get what you pay for. You know how it works, insurance man.
Yes, I know how it works which is why I know that something needs to be done now. If SS was an insurance company it would have gone out of business while JFK was president.
You get back pennies on the dollar for your investment and you say "how it works"? You meant to say how it doesn't work right? Your money would earn more if you buried it in the back yard.
My answer is the same . . . .anybody who thinks that SS is a Ponzi scheme is simply ignorant of what a Ponzi scheme is.
So what do you want to do? Raise taxes or cut social security? Good luck running on either of those platforms.
