“Martin O’Malley, the former commissioner of the Social Security Administration, said the recent cuts made by tech billionaire Elon Musk’s Department of Government Efficiency at the agency could result in the ‘collapse’ of the Social Security system ‘within the next 30 to 90 days.’” — The Hill
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Internal memo from the Department of Government Efficiency
FACT 1: People pay into Social Security over their working lifetime and then withdraw from it when they hit their sixties, like an IRA that holds value even when the stock market crashes. This works as long as the number of people paying in is greater than the number of retired people. Stupidly, the forefathers assumed there would always be more working people (sixteen to sixty-seven years old) than there are retirees. This assumption is called a Ponzi scheme.