Social Security Ponzi Scheme Fast Approaching Point of Collapse
Although progressives like Willard “Mittens” Romney attack Rick Perry for referring to Social Security as a Ponzi scheme (as many have done before), the question isn’t whether this sacred pillar of statism is an unsustainable swindle, but rather how long it will be before its inevitable collapse. The answer — not long at all:
There were only 1.75 full-time private-sector workers in the United States last year for each person receiving benefits from Social Security, according to data from the Bureau of Labor Statistics and the Social Security board of trustees.
That means that for each husband and wife who worked full-time in the private sector last year there was a Social Security recipient somewhere in the country taking benefits from the federal government. …
In its latest annual report, the Social Security board of trustees reported that the federal government’s total revenue from Social Security taxes in 2010 — $544.8 billion — was not enough to cover Social Security’s total benefit payments — $577.4 billion.
Obviously this isn’t going to last long. Congratulations to those who got in on the scheme early enough to get their money back. As for the rest of us, we can only wish it were a private company running Social Security, so the people responsible could be imprisoned for fraud.
Of course, if it were a private company, we wouldn’t be forced to participate at gunpoint, so Social Security is really closer to armed robbery than fraud.
On a tip from AC. Cross-posted at Moonbattery.