Flashback: Social Security Ponzi Scheme

One year ago today, I wrote:

Ida May Fuller, the first recepient of a retirement check from the Social Security Administration, received a total of $22,888.92 in benefits from 1940 until her death in 1975. Not bad for someone who only paid $24.75 in social security taxes during the three years she worked under the program.

How’s that not a ponzi scheme?


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