Steven Rattner

…at least about one thing: Social Security is a Ponzi scheme, at least in the technical sense of the phrase. A Ponzi scheme (named after Charles Ponzi) is when an investment manager takes money entrusted to him by one person, squanders it and then uses money invested with him to repay the first person. Isn’t that what we’ve done with Social Security? My Social Security taxes have gone to pay other government bills and then it will be my children’s taxes that will be used to pay my Social Security benefits.