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Krauthammer on Social Security and three practical steps to fix it
09/16/2011
Krauthammer says Social Security is a Ponzi scheme when we look at the definition of Ponzi schemes. The definition says in a Ponzi scheme the payments of people joining now are paid out to people who joined earlier, leaving little for future payments. This is happening to Social Security. In 1940, after Roosevelt signed it into law, the life expectancy was 62 and the retirement age was set at 65, there were 160 workers to support one retired person. Today life expectancy is closer to 80 and there are 2 workers to support one retired person. Well don't just say its a Ponzi scheme, exercize common sense and update Social Security for these facts, Krauthammer tells U.S. presidential candidates. Updating for the facts today means raising the retirement age, adjusting cost of living measures, and means testing the rich for benefits.
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