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Social Security is not a 'Ponzi scheme'

Compensation and BenefitsRick Perry

Letter writer Iver Mindel calls Social Security a "Ponzi scheme" because the scam invented by Charles Ponzi, for whom the fraud is named, collapsed when he could no longer find enough new investors to pay of his previous victims ("Ponzi would be jealous of Social Security," Sept. 15).

But the Social Security system will not lack "new investors" as long as Social Security contributions are mandated via payroll deductions. Mr. Mindel and Texas Gov. Rick Perry may not like the Social Security system, but it is mendacious to call it a "Ponzi scheme."

Elizabeth Fixsen, Savage

Copyright © 2014, The Baltimore Sun
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Compensation and BenefitsRick Perry
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