What does it matter, Dave? It goes to show that the government sucks at being fiscally responsible, and they have no Constitutional reason for managing our retirement anyway.
@Dave, please refrain from bastardizing the general welfare clause of the Constitution.
If it was intended that the General Welfare was to be bastardized to the extent that it has and that the government was given carte blanche authority to do whatever it wanted, then why pray tell does Article I Section 8 explicitly outline 18 items which the newly created Federal government was permitted to do?
If that was the intent Dave, the would have simply stopped at the preamble.
I guess most folks pay into SS and put as much into private investments as possible. In 2008, the market lost 1 trillion in 401K investments, the average investor losing 37%. The managers of the market received huge bonuses. Meanwhile, SS continued to pay out as it has for over 75 years. I'm thinking there is a Ponzi scheme all right....
Ponzi schemes depend on fraud, on keeping the people paying into them in the dark about where their returns are coming from. The Social Security Administration mails citizens reports that detail the expected contributions and receipts. It also publishes annual reports that indicate future shortfalls and what actions may be needed to deal with them.
Ponzi schemes do NOT do this.
But people--ignorant people like Gov. Perry--still insist SS is a ponzi scheme, it makes a startling sound bite, but it's pure stupidity. So why does Perry keep spouting his nonsense?
Maybe because the growth of payouts depends on growth of the number of people paying into it? In that case, it is sorta, kinda like a sort of Ponzi scheme EXCEPT!
so are private investment accounts.
Money managers invest people's money in instruments that are dependent on money generated by economic activity of succeeding generations in the work force.
The difference is that private investments are riskier--(see BB's comment)than promises the US Gov. makes to seniors to pay them benefits--to those seniors who have paid payroll taxes all their lives.
Big fucking deal if the Social Security office mails me a report. They can plug any old numbers into the report detailing my "expected" payout upon retirement.
It's sort of like the government patting itself on the back about a 4% increase in GDP.
It's all bullshit if that 4% consisted of building clusterbombs only to then drop them in the desert for testing purposes.
Considering Mr. Idaho's comment I personally don't know of anyone who's ever missed a Social Security payment but Congress needs to keep its hands off our retirement funds just the same.
A deliberate fraud Beth?
ReplyDeleteWhat does it matter, Dave? It goes to show that the government sucks at being fiscally responsible, and they have no Constitutional reason for managing our retirement anyway.
ReplyDeleteI think it falls under promote the common good...
ReplyDeleteYes it is a ponzi scheme.
ReplyDelete@Dave, please refrain from bastardizing the general welfare clause of the Constitution.
If it was intended that the General Welfare was to be bastardized to the extent that it has and that the government was given carte blanche authority to do whatever it wanted, then why pray tell does Article I Section 8 explicitly outline 18 items which the newly created Federal government was permitted to do?
If that was the intent Dave, the would have simply stopped at the preamble.
I guess most folks pay into SS and
ReplyDeleteput as much into private investments as possible. In 2008,
the market lost 1 trillion in 401K
investments, the average investor
losing 37%. The managers of the market received huge bonuses. Meanwhile, SS continued to pay out
as it has for over 75 years. I'm thinking there is a Ponzi scheme
all right....
Ponzi schemes depend on fraud, on keeping the people paying into them in the dark about where their returns are coming from. The Social Security Administration mails citizens reports that detail the expected contributions and receipts. It also publishes annual reports that indicate future shortfalls and what actions may be needed to deal with them.
ReplyDeletePonzi schemes do NOT do this.
But people--ignorant people like Gov. Perry--still insist SS is a ponzi scheme, it makes a startling sound bite, but it's pure stupidity. So why does Perry keep spouting his nonsense?
Maybe because the growth of payouts depends on growth of the number of people paying into it? In that case, it is sorta, kinda like a sort of Ponzi scheme EXCEPT!
so are private investment accounts.
Money managers invest people's money in instruments that are dependent on money generated by economic activity of succeeding generations in the work force.
The difference is that private investments are riskier--(see BB's comment)than promises the US Gov. makes to seniors to pay them benefits--to those seniors who have paid payroll taxes all their lives.
So NO! Social Security is NOT a Ponzi scheme. Where it gets its money is not hidden, and any citizen can read about their investment in SS.
Big fucking deal if the Social Security office mails me a report. They can plug any old numbers into the report detailing my "expected" payout upon retirement.
ReplyDeleteIt's sort of like the government patting itself on the back about a 4% increase in GDP.
It's all bullshit if that 4% consisted of building clusterbombs only to then drop them in the desert for testing purposes.
The question posed by Z-man was "Is Social Security a Ponzi scheme?"
ReplyDeleteIt is not.
Only in a world where Carbon Dioxide is a pollutant.
ReplyDeleteConsidering Mr. Idaho's comment I personally don't know of anyone who's ever missed a Social Security payment but Congress needs to keep its hands off our retirement funds just the same.
ReplyDeleteLittle late for that.
ReplyDeleteThuganomics.
ReplyDeleteSoap... what was the intent of that phrase in a constantly evolving world?
ReplyDeleteWhich phrase?
ReplyDelete