Social Security will be Depleted by 2034

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You may have heard about a giant Ponzi scheme that has been happening recently where a bunch of investor money has been going into a large fund, and then from that large fund, the people in charge of it have been using that to pay out to other investors who thought that they were getting a real return from the fund itself, that they were entitled to these benefits.

In fact, these benefits were only being paid out because of new investor contributions. I am not talking about stocks. I am not talking about Bernie Madoff. I am not talking about any of those Ponzi schemes. I am talking about the biggest one ever, Social Security. And now, due to new funding issues and increased expenses. The fund is scheduled to be depleted in 2023.

But I have some good news for you. They must have figured something out, conjured up some magic here, because now they have been able to push back that year and now it is projected to become depleted in 2034, a full year later than last year's estimate. But to understand what this means, because it does not mean what most people think it means, we must look at how funding is done for Social Security, because contrary to some of the click bait type of articles, this does not mean that Social Security will stop paying out.

It does, however, mean it is going to cost you a lot more.

Timecodes
00:00 Social Security Is a Ponzi Scheme
01:24 How Funding is Done for Social Security
06:32 Trust Fund Will be Depleted by 2034

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#SocialSecurity #Funding