Tom Margenau, who writes the feature on Social Security, is clearly a true believer in that program. His column titled “Social Security Will Not Go Broke” [published online on Sept. 24] is a case in point. Without realizing it, he has included examples of every single aspect of the definition of a Ponzi scheme. The scam is named for an Italian-born American (1949) swindler. Social Security, like all Ponzi schemes, is a swindle.
Merriam-Webster defines a Ponzi scheme as “(noun) an investment swindle in which some early investors are paid off with money put up by later ones in order to encourage more and bigger risks.”
