Is Social Security the largest Ponzi scheme going?

That's exactly how a prettty knowledgeable friend of mine described it.

Actually, I thought it was a compelling question, so I did a little research. Here are the facts:

* Right now, the total amount of money taken in through payroll taxes EXCEEDS the benefits paid out to retirees. The excess is put in a trust fund invested in US bonds

* In 2017, the amount taken in will not cover benefits paid. It will have to be supplemented by interest from the trust fund.

* By 2027, the amount paid in plus the interest will not be sufficient to cover benefits. Hence, the government will have to dig into the principal to fund the benefits (a mortal sin according to rich WASPs)

* By 2040, the entire trust fund will be depleted.

The Good News?Social Security will be around for most of our lives. Well, on second thought, maybe not good news, but at least it doesn't suck!!!