In contrast, a Ponzi scheme is a private pyramid scam that relies on new investors to pay returns, offering arbitrary promises without sustainable financial backing, and enriching a few at the expense of many, whereas Social Security benefits the many without enriching any one individual. - ThreadSky

thatscaptain2u.bsky.social • 44 days ago

In contrast, a Ponzi scheme is a private pyramid scam that relies on new investors to pay returns, offering arbitrary promises without sustainable financial backing, and enriching a few at the expense of many, whereas Social Security benefits the many without enriching any one individual.

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eds10.bsky.social•44 days ago

Ida May Fuller was one of the few that was enriched at the expense of the many. My father never got a dime from SSI. He died at 42. Ida got over 1,000 times her “investment”.

Again sounds like a Ponzi scheme to me.

The only difference being that one is government mandated and one is not.

thatscaptain2u.bsky.social•43 days ago

Sorry to hear about your father. SS is not a perfect system but I’d say keeping 22 million above poverty line is nothing to sneeze at.

Ida May was no Bernie Madoff…

eds10.bsky.social•43 days ago

All I’m trying to say is that SSI is a Ponzi scheme. One that has been abused by Congress and used as a ”piggy bank” by legislators to fund pork barrel spending, while the Federal debt spirals out of control.

How does this end? My guess is not good.

thatscaptain2u.bsky.social•43 days ago

When you refer to it as a criminal enterprise takes away the good it does. Which is the point of those who started calling it that… those who did seek to benefit from it being dismantled. Plus, it is not accurate.

eds10.bsky.social•43 days ago

You will never convince me that SSI doesn’t meet the definition of a Ponzi scheme, but whatever. The fact is that it is running out of money and something needs to done. Cutting down on fraud, waste, and abuse is a place to start. Who and how do they benefit from it being dismantled?

thatscaptain2u.bsky.social•43 days ago

The rich are trying to find 4 trillion to make up for their big fat tax break that expires this year. Why do you think Elon Musk is doing all this? Out of the goodness of his heart? I worked in Govt there are already channels to catch F,W & A. There are zero auditors in his team. DOGE is a ruse.

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