Re:Ask HN: Why is pay so much higher in the US? (or is it?)
by turkeysandwich on Monday September 12, 2022 @07:25PM
(#32818699)
I wasn't claiming that they're literally ponzi schemes. Clearly they're sanctioned by law, obviously I wasn't arguing otherwise.
I was simply using "ponzi scheme" in the more casual, euphemistic sense of "skeevy unsustainable scheme that will screw people over".
And like I said, I don't believe all pension schemes to be dishonest/poorly executed. Some are just fine. But many are sloppy and poorly managed. A few are even so poorly managed to an extent that I'd say it borders on fraud, if not legally, at least morally. (I don't think that's common, necessarily; I think most mismanaged pension plans are entered into with the best of intentions.)
> Taxpayers and pensioners are not investors. They are people who want to live a descent life.
I'm not blaming them. They're victims of this poor management.
This article paints a rosy outlook. And indeed, it's good news overall. But 35 state pensions meeting their goals means that 15 aren't. That's worth criticism.
I was simply using "ponzi scheme" in the more casual, euphemistic sense of "skeevy unsustainable scheme that will screw people over".
And like I said, I don't believe all pension schemes to be dishonest/poorly executed. Some are just fine. But many are sloppy and poorly managed. A few are even so poorly managed to an extent that I'd say it borders on fraud, if not legally, at least morally. (I don't think that's common, necessarily; I think most mismanaged pension plans are entered into with the best of intentions.)
> Taxpayers and pensioners are not investors. They are people who want to live a descent life.
I'm not blaming them. They're victims of this poor management.
https://www.pewtrusts.org/en/research-and-analysis/issue-bri...
This article paints a rosy outlook. And indeed, it's good news overall. But 35 state pensions meeting their goals means that 15 aren't. That's worth criticism.