Social Security: The Biggest Ponzi Scheme on Earth (By Milton Friedman)

Re:Social Security: The Biggest Ponzi Scheme on Earth (By Mi... by tptacek on Monday January 05, 2009 @09:50AM (#420484)

This was one of the intellectual flaws of the Bush privatization scheme; they calibrated returns from individual private accounts to the average lifespan, without noting that a pretty large contingent of social security beneficiaries would outlive the average.

Current estimates are that many of us will be long retired before there even is a "gap" between Social Security funding and Social Security benefits. The trust fund, for instance, doesn't run out until the 2040's.

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Re:Social Security: The Biggest Ponzi Scheme on Earth (By Mi... by mmmurf on Monday January 05, 2009 @03:57PM (#421092)

The privatization plan would give the beneficiary ownership over the investment, so there is not a problem, it just means that the investment has longer to grow. Ideally someone doesn't just build up a pile of money and intend to die with $0, he/she intends to leave some to the next generation or to charity.

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Re:Social Security: The Biggest Ponzi Scheme on Earth (By Mi... by Retric on Tuesday January 06, 2009 @10:16AM (#421988)

I am single why should I give my money to charity, my will is going to say take it out into the forest and burn it.

Only slightly kidding. A close friend of mine had a trust fund worth a little over 6 million and was looking to inherent a lot more when his grandmother died. He is dead now and imo money really messed up his life.

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Re:Social Security: The Biggest Ponzi Scheme on Earth (By Mi... by mattmcknight on Monday January 05, 2009 @10:33PM (#421553)

The trust fund doesn't exist. It's a line on the books, but it's been borrowed fund to pay for other expenses.

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Re:Social Security: The Biggest Ponzi Scheme on Earth (By Mi... by tptacek on Tuesday January 06, 2009 @12:20AM (#421628)

So, when do you think the government is going to default on its own bonds? 2010? 2018?

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