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Is Social Security a Ponzi Scheme?
Business Week ^
| December 28, 2008
| Michael Mandel
Posted on 12/28/2008 5:40:39 PM PST by Lorianne
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Yes.
1
posted on
12/28/2008 5:40:39 PM PST
by
Lorianne
To: Lorianne
AND it’s always been KNOWN to be just that.
2
posted on
12/28/2008 5:41:17 PM PST
by
bannie
(i)
To: bannie
AND it’s always been KNOWN to be just that. Anyone under 50 who thinks they will see a dime of SSI is living in a fantasy world.
SSI is just another tax with no return of any service.
3
posted on
12/28/2008 5:43:28 PM PST
by
freedumb2003
(Der neuen Fuhrer: AKA the Murdering Messiah: Keep your powder dry, folks)
To: Lorianne
Hmmmmmm, let me think...... Yes?
4
posted on
12/28/2008 5:43:50 PM PST
by
neodad
(USS Vincennes (CG 49) "Freedom's Fortress")
To: Lorianne
**Yes.** How can I elaborate on the best answer? Dayumed right it is.
5
posted on
12/28/2008 5:43:56 PM PST
by
gwilhelm56
(Orwell's "1984" .. to Conservatives- a WARNING, to Liberals - a TEXTBOOK)
To: Lorianne
Unquestionably.
I once got into a discussion with a member of management at Social Security. I advocated privatization, or at least allowing people to put their money in the stock market rather than rely on the miserable rates of return SS will pay.
He told me that wouldn’t work because the FICA taxes being paid by workers NOW is being distributed to those who receive SS NOW.
That is the very definition of a Ponzi scheme.
6
posted on
12/28/2008 5:44:53 PM PST
by
Skooz
(Gabba Gabba we accept you we accept you one of us Gabba Gabba we accept you we accept you one of us)
To: freedumb2003
That's not what the yearly SSI benefits statement says that I receive yearly.
Those that don't receive payments should be able to sue the government for breach of contract.
7
posted on
12/28/2008 5:45:40 PM PST
by
randomhero97
("First you want to kill me, now you want to kiss me. Blow!" - Ash)
Comment #8 Removed by Moderator
To: Lorianne
Most definitely and why are Shill-masters of the Ponzi Scheme not in Prison where they belong.
9
posted on
12/28/2008 5:46:13 PM PST
by
SandRat
(Duty, Honor, Country! What else needs said?)
To: Skooz
It is the textbook definition of a ponzi scheme..
: an investment swindle in which some early investors are paid off with money put up by later ones in order to encourage more and bigger risks
10
posted on
12/28/2008 5:46:49 PM PST
by
evad
(.!.)
To: Lorianne
11
posted on
12/28/2008 5:46:54 PM PST
by
valkyry1
To: Lorianne
Is Social Security a Ponzi Scheme? To those stupid enough to see it as anything else but a ponzi scheme, yes.
12
posted on
12/28/2008 5:47:08 PM PST
by
EGPWS
(Trust in God, Question everyone else)
To: Lorianne
there is no necessary link between what you paid into the system in taxes, and what you receive which is good news for career welfarists and illegals....they get the goldmine and everyone else gets the shaft
13
posted on
12/28/2008 5:47:42 PM PST
by
Operation_Shock_N_Awe
(I'd rather be a conservative nut job than a liberal with no nuts and no job)
To: Lorianne
This article’s title is one of those things that make you say “Duh”.
14
posted on
12/28/2008 5:48:01 PM PST
by
MichiganConservative
(You are a slave. The government is your owner and master. For many slaves, it is also their god.)
To: Lorianne
My answer: Mostly.
It started as a pure Ponzi scheme, as new entrants paid benefits to old. It will end either in collapse, or possibly, at reduced benefit levels, a straight pay -as-you-go transfer program from young workers to retirees.
Forget about the “investments” in government IOUs that SS holds. The end game is a modest pension scheme based on transfers (or economic collapse with currency debasement, depending on the realism of the politicians and the voters.) Think of it along the lines of the Earned Income Tax Credit, which is nothing of the sort — maybe it could be renamed as the Old Age Earned Credit, or somesuch.
To: Operation_Shock_N_Awe
Well at least we get something!
16
posted on
12/28/2008 5:48:27 PM PST
by
Lorianne
To: Lorianne
To: Lorianne
ABSOLUTELY, and it will crush our children with 70-80% taxes
18
posted on
12/28/2008 5:49:52 PM PST
by
hamburglar
(Do Unto Obama As Liberals Did Unto Bush)
To: Lorianne
This is a prime example of being forced at gunpoint by the government to accept rules which are not in favor of or for the benefit of individual rights.
Taxes (ditto).
Others, to numerous to mention, are also examples of government at gunpoint.
. . . . . . . . . Who is John Galt?
19
posted on
12/28/2008 5:50:50 PM PST
by
jongaltsr
(Hope to See ya in Galt's Gulch.)
To: Lorianne
Yes, you got to either have an ever increasing working class, or hike taxes to keep it going.
20
posted on
12/28/2008 5:51:28 PM PST
by
zarodinu
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