Arguing that Social Security isn’t a Ponzi scheme, you write: “Ponzi schemes have two salient features. First, they are criminal enterprises, which Social Security is not. Second, they work only until people get wind of what is going on, at which point they inevitably collapse. Social Security’s finances are plainly visible for all to see. (“Social Security far from a ‘Ponzi scheme’,” Sept. 12).
And as my friend Dimitri Vassilaros points out to me by e-mail, “Social Security is worse than a Ponzi scheme, because it is not voluntary, and everyone suffers, not just Ponzi’s greedy participants.”
Is Social Security a Ponzi Scheme?
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