A pyramid scheme run by the US Government. They promised to take your money to invest it for you so you'd have enough money to retire on, but from the very beginning they've just paid the people who are over 65 with the money sent in by the workers under 65. For any other organization to do this would be illegal. They don't make any real investments at all. They only 'invest' in other government agencies, which means they'll end up being paid back with yet more tax money taken by force from hard working Americans.
Joe Average says "I wanted to invest my money in a private account that I could control in order to plan for my retirement, but after paying tax for Social Security I didn't have enough left over to do that. If Social Security is so great, why do they have to force you to pay for it under threat of prison? If it was really so great, wouldn't people participate voluntarily?"
by Jake August 10, 2004
A pretty bad deal, expect less than a 1% return on your 12.4% payroll tax. Also, reduces the ability and incentive to save for retirement. Involves no creation of wealth, and the Supreme Court ruled that you have no right to social security funds, thus your benefits are highly politized. Maybe its time to start thinking about taking care of ourselves...
by youknow2 May 9, 2005
by TRILLIONS the biggest ponsi scheme of all time. Basically the Federal government doing the same thing that Bernard Madoff did but to multiple generations of americans.
by the1calledfeeny February 6, 2009
A federally run scam that pays less than 1% interest, even though the average inflation tax rate is about 2% year.
Pouring money into this system is pouring your money down a rathole, even though we are required by federal law to do it, most likely so that the criminals in D.C can pilfer it for their own needs.
Pouring money into this system is pouring your money down a rathole, even though we are required by federal law to do it, most likely so that the criminals in D.C can pilfer it for their own needs.
Social Security is a terrible investment, it's better to invest your money into low-risk mutual funds instead.
by Anna Bananas December 18, 2007
A duh-weebish Administration within the U.S. government that is so incoherently ran that if NASA operated the way they do, ALL their shuttles would explode.
NASA may kill off 7 people now and then, but the Social Security Administration probably kills off 7 people every day.
by Downstrike May 31, 2004
by Lionic March 8, 2010
Originally created to help the unfortunate during the Great Depression, it turned into a multi-billion dollar ponzi scheme that will never be voluntarily abolished due to the lobbying power of the AARP and the fact that old people vote more. Social security takes a little over 20% of total expenditures, and the privileged gerontocrats that lived long enough to receive it get three times the amount they paid in the first year of receiving benefits. Most Gen Xers and Millennials will never see a penny of the FICA money they paid in because economists estimate the money from social security will run out by 2030.
Guy 1: "Man, I'll never see a penny of social security money."
Guy 2: "That's because teabagger baby boomers are going to suck off all your hard earned dollars while simultaneously asserting that socialist programs need to stop."
Guy 2: "That's because teabagger baby boomers are going to suck off all your hard earned dollars while simultaneously asserting that socialist programs need to stop."
by nbakuchev June 6, 2010