Thomas Friedman Gets Chewed Out on CNBC Over Social Security
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Id' say the ponzi scheme lies in the value of the dollar. if in 1970 we all handed the SS $1, they would have to hand us $100 today just to pay us back even. there is the scheme and it has little to do with the amount of participants.
uturniaphobic 3 weeks ago
@Chrisisnotyourmom - Wrong. Those that utilize insurance are those that pay into the pool at the time of utilization. Those that collect Social security do not pay into the pool while collecting. They paid in earlier in life and those funds were used to pay for their parent's generation. Did the original beneficiaries of social security pay into the system? Who paid for their benefits?
dakineboy13 3 weeks ago
@ADD112 You are correct only in the sense that instead of investors, the government forces money from taxpayers to support it - so in essence they are not investors, but captive contributors. But it certainly resembles a Ponzi scheme, even if it doesn't match it perfectly.
wulfmanUNCP 1 month ago
By Mr. Santelli's definition of a Ponzi scheme, insurance would be a Ponzi scheme.
Chrisisnotyourmom 1 month ago 2
@damibo345 yet another non-sense statement...steamrolled in life over the next decade? hilarious...
ADD112 1 month ago
@ADD112 Keep drinking that koolaid. You're going to get steamrolled in life over the next decade.
damibo345 1 month ago
?? 99% er...didn't all this happen before OWS? what are you talking about? watch the video--rick santelli is rude/obnoxious (like him or not--just be objective about it)... ss is a wealth transfer program -- it isn't a 'ponzi scheme' -- oh rick, why haven't treasury yields blown up? what happen to commodity prices in 2H'11 (sans oil for secular and geopolitical reasons to a degree)... exactly.
ADD112 1 month ago
@ADD112, you're a 99% er I take it
The442nd 1 month ago
Two assholes.
strangeyoungman 1 month ago
"A Ponzi scheme is a fraudulent investment operation that pays returns to its investors from their own money or the money paid by subsequent investors, rather than from any actual profit earned by the individual or organization running the operation."
Think about it...SS is a Ponzi Scheme. It's actually worse because the federal government has the power of coercion. So, in essence, the investment is forced.
ranger1843 2 months ago