Even FDR Knew Social Security was a Ponzi Scheme

In her book, The Forgotten Man, Amity Shlaes talks about what FDR and his administration knew about the sustainability of the Social Security system.

In her chapter, The Chicken vs. the Eagle, on page 229 of the paper back version, Ms. Shlaes writes:

Roosevelt himself saw that while the program’s revenues might cover its costs now, the numbers from the actuaries suggested that there would not be enough money for old-age pensions for future generations.”

Imagine that.  FDR knew this was a ponzi scheme!  She goes on to quote Roosevelt, who said:

“It is almost dishonest to build up an accumulated deficit for the Congress of the United States to meet in 1980.  We can’t do that. We can’t see the United States short in 1980 any more than in 1935.”

Yet, we were short.  In fact, President Reagan appointed a commission to fix Social Security, at least for a period of time, in 1982 – right on schedule for when FDR knew the system would be bankrupt!

So, if the creator of Social Security knew it was a Ponzi Scheme, and Rick Perry and Herman Cain simply agree with its creator that it’s a Ponzi Scheme, then why won’t Americans face the truth that IT’S A PONZI SCHEME?

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