Flashback: Social Security Ponzi Scheme

By Dane Carlson on July 14, 2005 in Ideas

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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Business Opportunities Weblog editor and publisher Dane Carlson lives in the Sierra Nevada mountains of California, just 15 miles from Yosemite National Park. He accidentally became a professional blogger in 2001. He has added 12,203 posts to the site.