...Much as in the original Ponzi scheme, Social Security also paid huge returns to its first investors who, whether intentionally or not, led Americans to believe the plan worked marvelously, thereby engendering the support of an exceedingly grateful nation.
For instance, the first American to ever receive a check from this new national savings plan was Ernest Ackerman, a streetcar motorman from Cleveland, Ohio who retired exactly one day after the program went into effect. For the five cents that was deducted from Mr. Ackerman's check the sole day he was a 'participant', he received a lump—sum payment of 17 cents. This was a 240% return, which annualizes out to 87,600%. Nice investing, Ernie.
Then, in 1939, a series of changes were made to this new retirement system that included moving up the start of monthly payments by two years. As a result, the first monthly Social Security check went out on January 31, 1940 to Ida May Fuller, a retired legal secretary from Ludlow, Vermont. - American Thinker
Abolish Social Security. People need to learn how to save and budget their money properly. We don't need a ponzi scheme to do that.
