Reply to What Would You Be Willing to Do to Save SS?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]"That's unlike a pyramid scheme, because in a pyramid scheme, there is no set of assumptions that will allow it to work forever. "

Uhhh, yeah. Hello! It's thus the very definition of a pyramid scheme.[/quote]

Hello yourself. If you set payments in equal to payments out, a pyramid scheme only works when both are zero.  If it's an insurance scheme, as social security is, then all you have to do is count payments in and set benefits to be no greater than that.  That's how Metropolitan Life Insurance company has been in business since 1868.[/quote]

You can call it whatever you want. Insurance, tax, lollipops.

Bernie Madoff (madoff madeoff!) did the same thing and is now in jail.

You should look at the social security trustee reports sometime. It's not in the state you think it is.  [/quote]

I highly doubt you understood the Trustees' Report, if you even read it. PP is right that Social Security can pay full benefits until 2034, and after that 75% of benefits just from continuing incoming FICA taxes. The Trustees' Report makes this very clear in the first few pages.

It's insurance because you only get it when you need it. You don't get disability benefits if you're not disabled and your heirs don't get survivor benefits if you outlive them or they are older than 18. The retirement piece is insurance against being unable to work because of old age--various tests reduce the benefit if you're still working.

PPs are also correct that fairly small changes are necessary to return to a cash flow balance. That's not a Ponzi scheme by any definition. You need to stop listening to Fox News, they lie.[/quote]

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