Quantum Windbag
Gold Member
- May 9, 2010
- 58,308
- 5,101
- 245
For the SS is not a Ponzi scheme crowd.
Social Security is Not a Ponzi Scheme, Mr. Perry - Hit & Run : Reason Magazine
One, a Ponzi scheme collects money from new investors and uses it to pay previous investorsminus a fee. But Social Security collects money from new investors, uses some of it to pay previous investors, and spends the surplus on programs for politically favored groupsminus the cost of supporting a massive bureaucracy. Over the years, trillions of dollars have been spent on these groups and bureaucrats. Two, participation in Ponzi schemes is voluntary. Not so with Social Security. The government automatically withholds payroll taxes and invests them for you.
Three: When a Ponzi scheme cant con new investors in sufficient numbers to pay the previous investors, it collapses. But when Social Security runs low on investorsalso called poor working stiffsit raises taxes.
Social Security is Not a Ponzi Scheme, Mr. Perry - Hit & Run : Reason Magazine