Editor’s note: This is a lightly edited transcript of the accompanying video from professor Peter St. Onge.
Social Security is almost out of money. They broke it, we bought it. This comes from the Congressional Budget Office, who just released a new report saying Social Security has just nine years until it runs out of money.
Why? Because it’s a Ponzi scheme. It shouldn’t be, but it is. Basically, imagine you contributed to your pension company for 40 years, but they spent it all invading Ukraine. You turn 65, ask them for the money, and it’s gone.
So first, what does this mean. Social Security actually ran out of money a long time ago or, putting it more accurately, it never had any money. Because giving Congress a dollar for safekeeping is like giving a Kardashian a Botox gift card.
The dirty little secret of Social Security was they took the money and…
