The United States federal government defines a “Ponzi Scheme” as “an investment fraud that pays existing investors with funds collected from new investors.” As it turns out, Uncle Sam is giving Charles Ponzi and Bernie Madoff a run for their money — literally.
In 1935, President Franklin D. Roosevelt signed the Social Security Act as one of many New Deal social welfare measures. The law established benefits for the elderly and other vulnerable citizens — wresting away such caretaking responsibilities from states, localities, and families.
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