Reform the state pension Ponzi scheme

A PONZI scheme is a fraudulent investment operation that pays increasing returns to its investors primarily from the money paid by subsequent investors, rather than or more so from any actual profit earned by the scheme.

When the well of subsequent investors dries up the scheme collapses in a sea of bad debt where the investments of those last in pay for the payouts to those first in and first out. Those last in get nothing.

The current state pension scheme where former contributors, now pensioners, did not pay in enough and the contributions of current taxpayers are required to pay for the pensions of former contributors now pensioners, is just such a scheme.