JoeTheEconomist
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- Sep 4, 2015
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- #361
/-----/ Dig up FDR and LOCK HIM UP. Did'nt alot of people go to jail in the past for running Ponzi schemes ??/——/ Social Security is a ponzi scheme.Typically, we hear a lot of drama and get a lot of hand-wringing over the possibility of benefit cuts 16 years in the future. Comically enough most of the articles are talking about a fairly benign impact.
Here are three stats to worry about :
The Social Security Shortfall Is Growing Three Times Faster Than the US Economy.
In other words, the hole in the program’s finances is growing at three times the rate of our ability to fill it.
People Turning 70 Today expect to Be Alive When Benefits are Reduced
The problem of Social Security hasn't been about those 40 and younger in decades. Here is the SSA's life expectancy calcuator : Calculators: Life Expectancy
In 2016, The Program Lost More Money Than It Collected
We could have reduced benefits to zero for the entire year of 2016, and the program would have finished the year in worse shape than it started. "Loss" here is looking at the $ value of promises that we believe will go unfulfilled.
If you want the details, here is my article, but the stats are pretty simple.
No Way Around Sorry Shape Social Security Is In
Not that you want to invest 10 minutes of time in your opinion. Here is a piece on FDR and Social Security. He specifically opposed the current structure because what we have today is unavoidable. There are a lot of politicians that are responsible for where we are. FDR isn't one of them.
Would Roosevelt recognize today’s Social Security?
I have had an on-going exchange with Beagle9 about who is at fault. If you get nothing, it will be the fault of people who voted without bothering to even look at the basics of the program. The people who blindly trust politicians that they 'paid' for their benefits. Instead of looking at facts, we think that we can get change by hurling insults at the program, and nameless politicians.