The Left's argument, in a nutshell:
"Ponzi schemes bad. Social Security good. Therefore, Social Security is
not a Ponzi scheme."
Flawless logic, given the premise.
I also often read about how Social Security is not a Ponzi scheme because it is currently solvent. Bernie Madoff's scheme was solvent too... until it wasn't.
Ann says: I'd love to see the feds move towards the same type of accounting practices as businesses are required by federal law to use. In that case, the massive unfunded liabilities would scream off the ledger books, and it would make it hard to deny the massive crater we're in.