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Social Security and Retirement: The Reality

Social Security is a hot topic in the economic and political landscape these days. Many reports indicate that Social Security’s finances are getting worse as the economy continues to struggle and as the “Baby Boomer” generation begin to retire. To add to the confusion, Texas Governor Rick Perry is standing by his assertion that Social Security is a Ponzi scheme—a fraud being perpetuated on today’s young people by old people. While I’m not sure this is necessarily true, I recently came across a fascinating history of the Social Security program that will help us understand how we got to where we are in the first place.

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