it IS a Ponzi Scheme?

Rick Perry said it is; Chris Matthews, too. Paul Krugman calls it a Ponzi Game...


Social Security namesake Charles Ponzi (above) is, well, DEAD! It doesn't matter what he said. Besides, Social Security didn't exist when he was running his scheme, but you can bet he's not happy having his famous name associated with a scheme like Social Security!

ASIDE: Too bad his family didn't copyright the name; too bad they didn't copyright Ponzi's investment Game...like Monopoly, or Risk, or Sorry! If Ponzi's family had the foresight of, say...a Milton Bradley, McDonalds might be running a Ponzi Scheme instead of a Monopoly! Unfortunately, their good name is now being sullied with a scheme like Social Security.

40 million young people apparently agree with Rick Perry: According to a new study by iOme Challenge.Org, fully 50% of Generation Y believe Social Security won’t exist when they try to collect on their "investment" in 40 years.

[Data was collected last month from a representative sample of 642 Millennials. The study was sponsored by The iOme Challenge.]

Female Millennials are much more likely to believe Social Security won't exist when they retire; 60% of the Millennials who identify as Republican are convinced it won’t exist.

Despite the skepticism, the iOme study shows that Millennials have a very low personal savings rate: 58% are not setting any money aside...none; zero! What are Millennials waiting for? For parents, educators, legislators and/or employers to give them a medal - or a pat on the head, just like always!

The iOme Challenge was formed by a group of citizens, business leaders and academicians to engage young people to begin thinking about their financial future. Sponsors include: Ally, PAi, Sage, American Society of Pension Professionals & Actuaries, National Association of Government Defined Administrators and St. Norbert College.

For a free summary of The iOme Study: http://www.iomechallenge.org/