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.
Subscribe to:
Post Comments (Atom)
4 comments:
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?
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.
But the Social Security Trust Fund is invested in T-Bills, isn't it?
It's invested in nothing. Where do you come up with this? "Lock box"?
Post a Comment