By Tyler Bauer
On August 14, 1935 – eighty-three years ago – President Franklin D. Roosevelt signed the Social Security Act into law. Frankly, I think this is one of the worst things the government has ever done.
First off, Social Security is effectively a Ponzi scheme. Ponzi schemes are investment schemes in which old investors are paid with money invested by new investors. Most Ponzi schemes result in their creators being punished in some way, usually with jail time. However, when the government has a Ponzi scheme, it’s mandatory and a central aspect of our government.
Second, a program like Social Security is only possible if the government takes from one person to give to another. Let me ask you this question: Is it right to take someone else’s property and give it to someone else, even if it’s for a good cause? If I steal your money but give it to a charity, does that make that case of theft acceptable? Regardless of how noble the cause is, theft is theft.
Third, social security is insolvent. The generation now colleting Social Security benefits – the Baby Boomers – is much larger than the generations paying into Social Security. So, the income is smaller than the expenses, meaning Social Security simply cannot be paid for at this rate. For better or worse, Social Security’s days are numbered in terms of solvency.
Like I said earlier, this anniversary is one of the worst in our country’s history because we did this to ourselves and continue to do this to ourselves. We allow our government to run a Ponzi scheme, take from us to fund said Ponzi scheme, and continue running the Ponzi scheme despite the fact that it is insolvent. We should know better, and I believe we do know better, but we refuse to make changes. So, here’s some advice: Don’t count on receiving Social Security benefits once you’re of age. I highly doubt there will be any money left for you, and if there is, it’ll probably come from borrowing, printing, or increased taxes.