Ponzi Scheme

Mar 07, 2018

To the Editor:

Social Security is a popular program, especially for those with the longevity to procure it. If you do not possess old age genes your chances of receiving the full enjoyment of your benefits are greatly reduced. An Associated Press article revealed that people retiring today can expect to receive less in benefits than they have paid in.

Observing the obituaries daily, I find a relatively high percentage of people who expire before reaching retirement age, never to receive any benefits. Imagine paying into a retirement system for 45 years, accruing $300,000 in your name and in an instant you are gone, along with all or most of those benefits. Poverty also affects longevity, with a somber effect on the working poor. Some live with the trifecta of being poor, having bad genetics, and still paying the same payroll tax rate as the wealthy.

On a side note, this tax could be considered sexist as women generally outlive men with no accommodation for this fact. I suppose that’s the ultimate payback for the commonly perceived gender wage differential. Lastly, our youth just entering the workforce are at the bottom of this Ponzi scheme, and without major reform, and soon, will surely be shortchanged. For those receiving benefits, you’ve probably earned them. So count your blessings, there are many who have paid in but will never receive.

James M. Spickard

Little Egg Harbor

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