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Originally Posted by webwench
It is not invested, and generates no interest. It's a 'pay as you go' system (what we in the 'arguing on the internet' trade call a Ponzi scheme).
At current tax levels and life expectancies, the rate of return is negative for most people. Hardest hit are men, who pay in the longest/most and, on average, die sooner than women.
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If Putnam Investments or Dreyfus or some other investment company decided to offer an identical scam as social security, their leaders would all go to jail for the worst financial fraud ever known. It would make Enron and MCI look like peanuts.
Where is "my" money? Where is "my" account? Nowhere. When I retire, it depends on ripping off the next generation.
Make the WHOLE thing optional or abolish it.