Comment: It was not REALLY a Ponzi.

It was not REALLY a Ponzi.

Submitted by Crickett on Sun, 01/20/2013 - 13:24. Permalink

It was not REALLY a Ponzi. Interest rates used to be so high, that if you had $400,000 in savings you could keep it there, and live FINE off of your interest. It was around 10% or more. The VAST amounts of social security money, if not grabbed for other things by our elected officials, would have compounded grandly, and, it could easily have stayed solvent,IMO.
BUT, Congress did not keep its hands off of it, and the Federal Reserve meddled with its central economic planning and more socialist programs put people on the dole. It can NOT be brushed off as a Ponzi scheme. There is much more to its demise than that.