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Monday, September 27, 2010

Russ Carnahan: Social Security is Just Fine

As I said in the Joel Pollak  

interview, Social Security operates like a Ponzi Scheme. Current income earners fund today's retirees. As I also suggested, all Ponzi Schemes blow up the time immediately following a good period. The baby boomers now have their bill coming due and that's why Social Security is anything but all right.


AG said...

What I don't get, is that if Social Security is a Ponzi scheme, then how is it any different than any other insurance or retirement fund ever created?

mike volpe said...

Because those are invested into something and it's the investments that lead to returns. A Ponzi scheme uses one person's money to pay another.

AG said...

But the Social Security Trust Fund is invested in T-Bills, isn't it?

mike volpe said...

It's invested in nothing. Where do you come up with this? "Lock box"?