Summer Savings! Get unlimited digital access for 13 weeks for $13.
Readers Respond
News Opinion Readers Respond

Social Security is not a 'Ponzi scheme'

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 © 2015, The Baltimore Sun
Related Content
Comments
Loading
79°