It's a shame it's a Ponzi scheme that exploits the young. I mean, there are even liberals who recognize this:
Message 29153357
Many years ago I determined that Social Security was built like a pyramid scheme and that at the income level that I intended to retire with would necessarily be means tested out of the program. This was almost 30 years ago. I think it is disingenuous and disastrous to me personally to treat it as a part of my retirement.. Add to that the fact that the SSTF is the biggest hold of government debt, it just adds to the book-cooking perception that I have. I'm not all that crazy about wealth transfer - I believe that wealth creation is sustainable - but some people are not going to be able to participate in any kind of wealth creation program.
Message 29154360
Message 29153440
I'd love to be wrong... but it was really clear that those in early won huge. That is the definition of a pyramid. They say it is funded but they have put the funding into government IOUs. Also, I'm at the tail of the Baby Boomer wave so I'm not optimistic. Greater than inflation increases in most commodities - health care, food, gasoline, etc. have not been properly accounted for so there is an erosion of buying power every year. I don't make this up... it is a bipartisan concern.
The Social Security Trust Fund’s lack of any actual economic assets was noted back in 2000 by Clinton’s Office of Management and Budget, which wrote that, “These balances are available to finance future benefit payments … only in a bookkeeping sense. They do not consist of real economic assets that can be drawn down in the future to fund benefits. Instead, they are claims on the Treasury that, when redeemed, will have to be financed by raising taxes, borrowing from the public, or reducing benefits, or other expenditures.” This quote aligns well with the with the information released recently from Social Security’s chief actuary.
forbes.com |
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Message 29153383
Social Security is in fact a pyramid scheme, by design, and settled and vetted law |
