The Social Security is not a Ponzi Scheme

Social Security is not the Ponzi scheme some oppositions may advocate. Social insurance, as envisaged by President Roosevelt, would address the permanent problem of economic security for the elder community by creating a work-related, contributory system in which workers would provide for their own future economic security through taxes they paid while employed. It provided an alternative both to reliance on welfare, and to radical changes within the capitalist system. It can be seen as a moderately conservative, yet activist, response to the challenges of the Depression (SSA, 2014). Social Security, has now became a principal component of modern life. One in seven Americans receives a Social Security benefit, and more than 90 percent of all workers are in jobs covered by Social Security (SSA, 2014). It is the drastic change in the ratio of covered workers to beneficiaries that has social security in dire need of reform. Accusations that the Social Security program is a Ponzi Scheme is a hoax, the program itself has maintained goals of adequacy, equity and efficiency. Would a private…