Letter: Social Security is Ponzi scheme

Tuesday, July 10, 2001 | 9:02 a.m.

Daniel Olivier's July 2 letter, "Won't stand for cuts in benefits," was hilarious. He seems to be the only person who doesn't know that Social Security was a Ponzi scheme.

The same politicians who are wringing their hands looking for a "solution" know this.

If Social Security was a private sector insurance plan, these same politicians would be having a congressional investigation and making speeches calling for the jailing of those mean-spirited executives who filched the American people's money. (By paying 2 percent on loans and then spending the money on programs that encouraged irresponsibility.)

What can Congress do now?

I hope they come up with an answer, but I'm not holding my breath.

FRANK PERNA

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