So here we are in 2020 , and Millennial’s and GenZ will begin or makeup the vast portion of the workforce for the coming decades. They dutifully contribute to Social Security supporting the army of retired Boomers and Gen X. Problem is , they likely won’t be see much if any of that money themselves.
Social Security when implemented had 16:1 worker:retiree ratio and those retirees had a life expectancy of mid 60’s, now you have a 4:1 worker:retiree and many retirees will live well into their 80s, I don’t see how this system is sustainable. Most GenZ still have 30-40 years of work in front of them.
Even IF (big IF) Social Security is around when GenZ retires , their monthly payouts will be so low or eligibility age will be so high to make the program pointless.
So when you look at it objectively you realize it’s a generational Ponzi scheme where the initial generations received benefits but each subsequent generation is less secure.
Posted this up on up on Reddit comments were interesting see here: https://www.reddit.com/r/unpopularopinion/comments/eizrug/social_security_is_a_generational_ponzi_scheme/
Also there’s a good two cents Youtube video pointing out this exact scenario.