The term "Ponzi scheme" is a widely known description of any scam that pays early investors returns from the investments of later investors. (source: Wikipedia)
Bernie Madoff is the most recent Ponzi schemer. As I continue to delve into Dr. Jeremiah's book "The Coming Economic Armageddon", I never considered our Social Security (SS) system as being a modern day Ponzi scheme but it does fit the definition. Current workers are contributing to benefits of retired workers.
Dr. Jeremiah states that his research reveals approximately $25-30 trillion dollars in unfunded SS. That means current day contributors will probably see very little in return for a lifetime of SS taxes.
Tomorrow - Dr. Jeremiah's view on our current national debt.
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