View Poll Results: Is Social Security a Ponzi Scheme?

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  • Yes - absolutely

    41 42.71%
  • Yes - it's more-or-less the same as

    35 36.46%
  • No - but it's pretty close

    5 5.21%
  • No - not even close

    24 25.00%
  • Social Security is safe and secure, please stop scaring people.

    14 14.58%
  • This is a crummy question with no relevance.

    1 1.04%
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Thread: Is Social Security a Ponzi Scheme?

  1. #31
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    Re: Is Social Security a Ponzi Scheme?

    Quote Originally Posted by atrasicarius View Post
    The ponzi scheme part of it is that they tell you you're going to get your money back, when in all likelihood, you're never going to see it again. A program where they just gave a small stipend to seniors who couldn't afford their retirement would be better, since it would be honest.
    Just what is most likely a technicality. You aren't told that you will get your money back. Everyone knows they may pay in for 30 years and then kick off at a day afterwards.

    You are told that you can draw X amount at X age. That's not going to be true for many.

  2. #32
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    Re: Is Social Security a Ponzi Scheme?

    Quote Originally Posted by atrasicarius View Post
    The ponzi scheme part of it is that they tell you you're going to get your money back, when in all likelihood, you're never going to see it again. A program where they just gave a small stipend to seniors who couldn't afford their retirement would be better, since it would be honest.
    "They" do not tell you you will get your money back. When I gt my SS letter, it tells me I will get a certain amount of money each month if I retire at different ages. This is a large, unsubtle difference.
    We became a great nation not because we are a nation of cynics. We became a great nation because we are a nation of believers - Lindsey Graham

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    Re: Is Social Security a Ponzi Scheme?

    Quote Originally Posted by 1Perry View Post
    The government has no coffers.



    Well now that you bring it up......but no, it wouldn't be the same. In a government job you are told that if you work 40 hours, this is what you will get. It's what you get.
    With S.S. the arguement is that if you pay in, you will get this at this age. Many are not going to get that.
    It is entirely possible they will get that. SS programs have run far longer than the US SS program has. What might happen is that the retirement age gets changed, or FICA gets increased, or the FICA cap gets raised. Further, it is entirely possible that people working could get fired, laid off, reduced wages, even working for the government, so again, either SS is not a ponzi scheme, or government employee pay is.
    We became a great nation not because we are a nation of cynics. We became a great nation because we are a nation of believers - Lindsey Graham

    Quote Originally Posted by Fiddytree View Post
    Uh oh Megyn...your vagina witchcraft is about ready to be exposed.

  4. #34
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    Re: Is Social Security a Ponzi Scheme?

    Not only is it a ponzi scheme in which the government profits - it's also withholding your rightfully earned income from you.
    A screaming comes across the sky.
    It has happened before, but there is nothing to compare it to now.
    Pynchon - Gravity's Rainbow

  5. #35
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    Re: Is Social Security a Ponzi Scheme?

    Quote Originally Posted by Aunt Spiker View Post
    They knew - from the very beginning - that it was unsustainable . . . but they chose to not care and to ignore that and save that worry for later generations.

    Well - it's later.

    We're shafted.

    Government profited greatly from it and not so many seem to rely on it so heavily we have to be indebted to it to limp it along.
    It could be sustainable but in America, when politicians want to spend money... instead of taxing, they take it out of SS. SS was not destined to go bankrupt by itself. It should be illegal for the government to bankrupt it though.

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    Re: Is Social Security a Ponzi Scheme?

    Quote Originally Posted by Redress View Post
    It is entirely possible they will get that. SS programs have run far longer than the US SS program has. What might happen is that the retirement age gets changed, or FICA gets increased, or the FICA cap gets raised. Further, it is entirely possible that people working could get fired, laid off, reduced wages, even working for the government, so again, either SS is not a ponzi scheme, or government employee pay is.
    I explained the differences. Those who buy in a Ponzi scheme may very well get something also. Just not what they were told when they started paying in.

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    Re: Is Social Security a Ponzi Scheme?

    Quote Originally Posted by Aunt Spiker View Post

    I see it as a ponzi scheme because it relies on present-incoming monies from working individuals to pay back the 'I - O - U' and payouts to recipients who are drawing from social security right now.
    But that's not what a ponzi scheme is. A ponzi scheme isn't paying back IOU's.

  8. #38
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    Re: Is Social Security a Ponzi Scheme?

    Quote Originally Posted by 1Perry View Post

    I explained the differences. Those who buy in a Ponzi scheme may very well get something also. Just not what they were told when they started paying in.
    Still not a ponzi scheme. A ponzi scheme is designed to fail with those above a certain plateau on the pyramid being the only ones to make a profit, that profit being off the investments of those underneath them. SS was not designed to fail and if it does fail because it can't support the large influx of baby boomers, which was not envisioned at the time it was incepted, in large part, that could be explained by all of the years the SS surplus' were spent for non-SS items. It would not be failing for the reason a ponzi scheme is destined to fail -- exhausting the pool of investors.

  9. #39
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    Re: Is Social Security a Ponzi Scheme?

    Quote Originally Posted by Sheik Yerbuti View Post
    But that's not what a ponzi scheme is. A ponzi scheme isn't paying back IOU's.
    A stack of endless IOU's is all that a ponzi scheme is.

    In a Ponzi scheme people pay into a pretend pool of money (usually 'investment' into stocks or something) and in order to keep the scheme going the monies coming in need to be sufficient enough to turn around and pay out to those who are expecting some type of dividend or return. This divided - to the ponzi-operator - is an "IOU"

    The moment the monies in/out at current tap out - the scheme falls apart.

    With SS the moment people aren't paying in at the rate that people are taking out - it'll cave in on itself and go belly up.

    It is a ponzi scheme with a few extra tiers and the backing and full support of the US government to maintain it.
    A screaming comes across the sky.
    It has happened before, but there is nothing to compare it to now.
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    Re: Is Social Security a Ponzi Scheme?

    Quote Originally Posted by Sheik Yerbuti View Post
    Still not a ponzi scheme. A ponzi scheme is designed to fail with those above a certain plateau on the pyramid being the only ones to make a profit, that profit being off the investments of those underneath them. SS was not designed to fail and if it does fail because it can't support the large influx of baby boomers, which was not envisioned at the time it was incepted, in large part, that could be explained by all of the years the SS surplus' were spent for non-SS items. It would not be failing for the reason a ponzi scheme is destined to fail -- exhausting the pool of investors.
    What was my arguement? Not that it was, but that it is currently being run like one. Unless changed, S.S. is destined to fail.

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