Friday, Oct. 26, 2012 | 2:02 a.m.
Rep. Joe Heck and all the others who have claimed Social Security is a Ponzi scheme are just plain wrong. Social Security is an insurance program, not an investment. The name says it all: Federal Insurance Contributions Act, or FICA. There is a big difference between insurance and investments. With insurance, you know when you pay in that you may not get a dime back.
In the Ponzi scheme, the investors expected to get back all their original investment, plus interest on top of it.
After 75 years, Social Security is still solvent, and with a little tweaking, like raising the cut-off a bit higher, it will be good for the next 75. It has been taking in as much as it pays out, and it’s not going to fail unless it gets changed by conservative Republicans. That would be a terrible tragedy for many of our children and grandchildren when they get to old age.