Is Social Security a Ponzi Scheme?
Delve CEO Jeff Berkowitz explains Social Security’s predicament to The Daily Caller as the site examines the controversy caused by Gov. Rick Perry’s comments about the entitlement program.
Jeff Berkowitz, a communications consultant and former research director at the Republican National Committee, said statements like Perry’s — accurate though they may be — rub Americans the wrong way because they call that guarantee into question.
“The reason it’s so controversial is because it’s so exactly true,” Berkowitz said. “The more you expose the uncertainty, the more people become concerned about the safety of their investment.” …
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“When FDR implemented Social Security, there were 16 workers for every one retiree,” Berkowitz said. “Now there’s less than three for every retiree, and it’s moving downward.” …
Berkowitz said the system needs to be reformed, “otherwise whoever is not at or near retirement isn’t going to get the full benefits they were promised.”
Read the full article here.
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