Al Gore and 95% of Americans have a basic misunderstanding of how social security works. The money that you pay into the social security administration doesn’t go into some bank account to accumulate until you retire. The money you pay now gets paid out now to current social security payment recipients. There is no money to go into a lockbox. Social Security was a ponzi scheme from the inception of the program because it paid out benefits to people that never paid into the program. Its solvency was always based on having a growing population of current workers paying into the program that outnumbered the number of benefit payees.Good points. And as much as I hate to agree with Al Gore, I gotta say he was right when he said SS should be put in a “lock box” and preserved. Whether he meant it or not, who knows, but it absolutely should have been protected.
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