"What the first generation got back in benefits was far greater than what they themselves had paid in. It was something for nothing— apparently.
This is the way a Ponzi scheme works, with the first wave of "investors" getting paid with the money paid in by the second wave. But, like Social Security, a Ponzi scheme creates no wealth but only an illusion that cannot last. That is why Mr. Ponzi was sent to prison. But politicians get re-elected for doing the same thing."
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