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Social Security the Greatest Ponzi Scheme Ever?
urbano411 | January 6, 2009 at 11:33 amby
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The federal government today collects payroll taxes from approximately 163 million white- and blue-collar workers, which is used to finance the retirement benefits of 50 million Americans. In fiscal 2008, Washington collected $785 billion in taxes and paid out approximately $585 billion in benefits.
So what's the problem?
The problem is that generations of U.S. workers have been misled to believe that Social Security's annual surpluses accumulate in a trust fund that will be used to meet future costs. It is money that will be there, we have been assured, when "our day" comes.