See PolitiFact's Truth-O-Meter rates a claim about whether or not Social Security and Medicare could be considered a "Ponzi scheme."
"The biggest difference, according to Gillin, is that the government can change the rules whenever they want. That way, he says, the government can take action to always make both of those programs solvent, while the Ponzi scheme runs out of money. Based on these differences, PolitiFact rates Curbelo's claim as FALSE."
The essential elements of a Ponzi scheme have one group paying into the system who are led to believe they will be rewarded further down the road which the schemer intends to fund with money paid into the scheme by new participants. Eventually the number of recipients being rewarded becomes so great that there are not enough new participants to keep the scheme afloat and it goes bankrupt.
To say that Social Security is not a Ponzi scheme because the rules can be changed is to pretend that the original Ponzi scheme rules could not be changed to prolong its death, e.g., by increasing the amount new participants must pay into the system to keep it afloat, or extending the time before their payoff.
The “FACT” is, today’s younger generation is financing the rewards being paid out, and that is the essential element of the original Ponzi scheme.
Not only is Bay News 9 one of the biggest political hacks in the Tampa/St. Pete area, but they constantly misrepresent truth and facts to promote a pinko political agenda and its time more people start calling them out on their deceptions!
JWK
If we can make 51 percent of America’s population dependent upon an Obama, welfare, food stamp, section 8 housing, college loan check, and now free Obamacare along with FREE BACON, we can blackmail them for their vote, keep ourselves in power and keep the remaining portion of America’s productive population enslaved to pay the bills ____ Obama’s Marxist Free Cheese Democracy, designed to establish a federal plantation which redistributes wealth that wage earners, business and investors have worked to create.
"The biggest difference, according to Gillin, is that the government can change the rules whenever they want. That way, he says, the government can take action to always make both of those programs solvent, while the Ponzi scheme runs out of money. Based on these differences, PolitiFact rates Curbelo's claim as FALSE."
The essential elements of a Ponzi scheme have one group paying into the system who are led to believe they will be rewarded further down the road which the schemer intends to fund with money paid into the scheme by new participants. Eventually the number of recipients being rewarded becomes so great that there are not enough new participants to keep the scheme afloat and it goes bankrupt.
To say that Social Security is not a Ponzi scheme because the rules can be changed is to pretend that the original Ponzi scheme rules could not be changed to prolong its death, e.g., by increasing the amount new participants must pay into the system to keep it afloat, or extending the time before their payoff.
The “FACT” is, today’s younger generation is financing the rewards being paid out, and that is the essential element of the original Ponzi scheme.
Not only is Bay News 9 one of the biggest political hacks in the Tampa/St. Pete area, but they constantly misrepresent truth and facts to promote a pinko political agenda and its time more people start calling them out on their deceptions!
JWK
If we can make 51 percent of America’s population dependent upon an Obama, welfare, food stamp, section 8 housing, college loan check, and now free Obamacare along with FREE BACON, we can blackmail them for their vote, keep ourselves in power and keep the remaining portion of America’s productive population enslaved to pay the bills ____ Obama’s Marxist Free Cheese Democracy, designed to establish a federal plantation which redistributes wealth that wage earners, business and investors have worked to create.
Last edited:
