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Warren Buffett, Charlie Munger were once asked if Social Security is a 'government-sponsored Ponzi scheme'. Here's how they responded — plus how to ensure your retirement is secure
A Ponzi scheme ( / ˈpɒnzi /, Italian: [ˈpontsi]) is a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors. [1] Named after Italian businessman Charles Ponzi, this type of scheme misleads investors by either falsely suggesting that profits are derived from legitimate business ...
The Social Security debate in the United States encompasses benefits, funding, and other issues. Social Security is a social insurance program officially called "Old-age, Survivors, and Disability Insurance" (OASDI), in reference to its three components. It is primarily funded through a dedicated payroll tax. During 2015, total benefits of $897 ...
A shareholder once asked Warren Buffett, Charlie Munger if Social Security is a 'government-sponsored Ponzi scheme for retirees' — their answer was received with laughter and applause
Retired Social Security. In the United States, Social Security is the commonly used term for the federal Old-Age, Survivors, and Disability Insurance ( OASDI) program and is administered by the Social Security Administration (SSA). [ 1] The Social Security Act was passed in 1935, [ 2] and the existing version of the Act, as amended, [ 3 ...
More than 2 in 5 Americans under 60 believe Social Security is a Ponzi scheme, according to a new survey, while 7 in 1o don’t expect much — if any payout — from the entitlement program when ...
Charles Ponzi was born in Lugo, Emilia-Romagna, on March 3, 1882.He told The New York Times he had come from a family in Parma.Ponzi's ancestors had been well-to-do, and his mother continued to use the title "donna", but the family had subsequently fallen upon difficult times and had little money. [3]
Texas governor and Republican presidential candidate Rick Perry isn't shy on Social Security. "It is a Ponzi scheme to tell our kids that are 25 or 30 years old today, 'You're paying into a ...