If you’ve been following the AdSurfDaily case and the Bernard Madoff case, there’s a good chance you’ve seen people claim that Social Security is a Ponzi scheme.
Some members of ASD have said the government had no business going after Andy Bowdoin when it was knee-deep in its own Ponzi scheme.
Fortune magazine has published a piece on why Social Security is not a Ponzi scheme. It’s worth the time it will take to read it — a breezy couple of minutes.
The Fortune story was written by Mitchell Zuckoff, author of “Ponzi’s Scheme: The True Story of a Financial Legend.”
You’ll see a familiar term (other than ‘Ponzi”) in the article; it’s “black box” — something that our guest columnist “Entertained” has written about here and elsewhere.