Biggest Ponzi Scheme: Hey Kids, Wanna See Something Really Scary?

John Stossel: The Biggest Rip-Off

I have to admit to a sadistic thing I do I like to do:  telling 18 to 24-year-olds about Social Security. It’s priceless, the look of shock and disbelief that hits their faces when told that none of the money they pay into Social Security has been set aside for them.

Before the deer-in-the-headlights expression fades, I continue explaining that any money left over from payments to Social Security recipients is just spent on other things. Well, it used to be spent on other things, when there was something left over…

Then I go on to tell them what I did as a teenager, when I found out Social Security was a Ponzi scheme. I told my parents they really screwed up, it was all their generations’ fault. My mother responded, “Well, just wait and see; you’ll find out there isn’t anything you can do about it either.” Yep, Mom was right!

And if that wasn’t cruel enough, I finish with the total Medicare and Social Security unfunded liabilities of around 60 TRILLION dollars and a Dr. Evil laugh.

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