BetterWealth with Caleb Guilliams Social Security Is A Government Sponsored Ponzi Scheme
We have over $100 trillion in unfunded liabilities in this country!!!!
In today's Better Wealth Breakdown, Dan and I discuss a concept in the book “Managing Foundations and Charitable Trusts” by Roger Silk that Social Security is a Government Sponsored Ponzi Scheme. Listen as Dan and I dive into the history of Social Security, how it was established, the seven reasons why it is like a ponzi scheme, the three reasons why it is different and what the future of social security might look like in the future. Social Security is like a Ponzi Schemes for these 7 components; 1.) great investment for early investors, 2.) it pays existing investors using funds from new investors 3.) Lack of easy transparency 4.) misapplication of investor funds 5.) funds invested with a related party 6.) the related party is unlikely to ever pay the funds back in real terms and 7.) no outside audit. However, it is different for these three reasons 1.) The sponsor, the U.S. government, can and does compel people to pay into it 2.) The sponsor, the U.S. government, has the ability to simply print the money to pay the benefits and finally 3.) The sponsor, the U.S. government, can and does change the rules in the middle of the game. Listen as we discuss the differences of contributions and taxes with social security, unfunded liabilities, how it works for the future.
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Episode Links & Resources:
Managing Foundations and Charitable Trusts by Roger Silk
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