Lying about Social Security


President Musk recently called Social Security a “Ponzi Scheme.” He’s hardly the first to repeat this lie, but he and his mini-me’s in DOGE have painted a target on Social Security.

I’m sorry it’s necessary to explain this again, but we are being lied to. Here are the facts about Social Security.

• No, it’s not a Ponzi scheme. Anyone who believes that SS is a Ponzi scheme either doesn’t know what a Ponzi scheme is or doesn’t understand how SS works. If you need an explainer, here’s a good one:

https://www.currentaffairs.org/news/why-social-security-is-not-a-ponzi-scheme

* No, SS isn’t going bankrupt. As long as there are humans working for paychecks in the United States, it is fiscally impossible for SS to be bankrupt. 

* No, the federal government isn’t stealing your SS money. By law, any money collected beyond what is paid to current beneficiaries goes into the Trust Fund. By law, the Trust Fund is invested in special treasury bonds that cannot be traded on the open market. These bonds, like all treasuries, are backed by the full faith and credit of the United States. When the bonds mature, they must and will be repaid. The government is no more stealing your SS than your bank is stealing your passbook savings when it lends it out so it can pay you interest.

Hope this helps.

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