The observation that Social Security is not viable is not a new view. In 1936, Rep. Alf Landon in his presidential campaigns termed the trust fund as a nasty hoax which was cruel to the civilians. The committee of Republicans observed that the funds which was branded ‘reserves’ for the old age insurance was no reserve at all, since the fund will have nothing other than the empty promise from the government to pay.
The taxes which are collected in the disguise of premiums will be used carelessly by the government in wasteful political schemes. Those of the civilians who defend the pay-as-you-go scheme say that the Social Security will only qualify to be a Ponzi scheme only when the US government has plans to repudiate the debts it owes (Crane, 1997). Very minimal incidences has the Social Security Administration wanted to redeem the securities in the scheme and if there have been attempts to redeem the securities, enough honors has already been awarded but the criticism is sour which should inform the Social Security Administration that something is not very straight.
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