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. #61
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    Re: Is Social Security a Ponzi Scheme?

    Quote Originally Posted by jamesrage View Post
    It looks like it meets the definition of a Ponzi Scheme.

    Ponzi Scheme | Define Ponzi Scheme at Dictionary.com
    : an investment swindle in which early investors are paid with sums obtained from later ones in order to create the illusion of profitability
    So except for the way it is done, and for the goal, it is like a ponzi scheme? Hell, when you make it that broad you could call the stock market a ponzi scheme.
    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 Redress View Post
    So except for the way it is done, and for the goal, it is like a ponzi scheme?
    So you are saying that current SS recipients are not being paid by younger SS payers who may not even get their share?
    "A nation can survive its fools, and even the ambitious. But it cannot survive treason from within. An enemy at the gates is less formidable, for he is known and carries his banner openly. But the traitor moves amongst those within the gate freely, his sly whispers rustling through all the alleys, heard in the very halls of government itself. For the traitor appears not a traitor; he speaks in accents familiar to his victims, and he wears their face and their arguments, he appeals to the baseness that lies deep in the hearts of all men. He rots the soul of a nation, he works secretly and unknown in the night to undermine the pillars of the city, he infects the body politic so that it can no longer resist. A murder is less to fear"

    Cicero Marcus Tullius

  3. #63
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    Re: Is Social Security a Ponzi Scheme?

    Really at this point you could say that the entire government is a ponzi scheme if you consider most of the revenue goes to paying off bond holders anyways.
    "We’re going to close the unproductive tax loopholes that allow some of the truly wealthy to avoid paying their fair share. In theory, some of those loopholes were understandable, but in practice they sometimes made it possible for millionaires to pay nothing, while a bus driver was paying ten percent of his salary, and that’s crazy." -Reagan

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    Re: Is Social Security a Ponzi Scheme?

    Quote Originally Posted by jamesrage View Post
    So you are saying that current SS recipients are not being paid by younger SS payers who may not even get their share?
    Which would not fit the definition of a PONZI scheme.

    AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.

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    Re: Is Social Security a Ponzi Scheme?

    Quote Originally Posted by jamesrage View Post
    So you are saying that current SS recipients are not being paid by younger SS payers who may not even get their share?
    I am saying that there is no evidence that younger people will not get SS payments. There are several plans all of which will make SS good indefinitely. Like all programs however, some changes will have to be made. That is normal.
    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
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    Re: Is Social Security a Ponzi Scheme?

    A Ponzi scheme is a fraudulent investment operation that pays returns to separate investors, not from any actual profit earned by the organization, but from their own money or money paid by subsequent investors. The Ponzi scheme usually entices new investors by offering returns other investments cannot guarantee, in the form of short-term returns that are either abnormally high or unusually consistent.

    Ponzi scheme - Wikipedia, the free encyclopedia
    Ponzi vs. Social Security
    Social Security is and always has been either a "pay-as-you-go" system or one that was partially advance-funded. Its structure, logic, and mode of operation have nothing in common with Ponzi schemes or chain letters or pyramid schemes.

    The first modern social insurance program began in Germany in 1889 and has been in continuous operation for more than 100 years. The American Social Security system has been in continuous successful operation since 1935. Charles Ponzi's scheme lasted barely 200 days.
    Larry DeWitt
    Historian's Office
    January 2009

    Social Security Online - HISTORY, Ponzi Schemes vs. Social Security

    AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.

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    Re: Is Social Security a Ponzi Scheme?

    Quote Originally Posted by Boo Radley View Post

    And it cannot be considered one. Not even called like one. The differences are significant and rule out any direct comparison.
    Hey, a dog can be called a cat because they both have 4 legs and a tail.

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    Re: Is Social Security a Ponzi Scheme?

    Quote Originally Posted by jamesrage View Post
    It looks like it meets the definition of a Ponzi Scheme.

    Ponzi Scheme | Define Ponzi Scheme at Dictionary.com
    : an investment swindle in which early investors are paid with sums obtained from later ones in order to create the illusion of profitability
    That definition alone highlights that SS is not a ponzi scheme as it's not an investment for profit.

  9. #69
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    Re: Is Social Security a Ponzi Scheme?

    Quote Originally Posted by Sheik Yerbuti View Post
    That definition alone highlights that SS is not a ponzi scheme as it's not an investment for profit.
    In order for the elderly to get SS I and many other people not old enough to qualify for SS have to pay into it under the illusion we are going to get it back plus more back just like a Ponzi scheme requires newer investors to pay money into under the illusion they are going to make a profit it in order for the older investors to get money. This meets the definition of a Ponzi Scheme.
    "A nation can survive its fools, and even the ambitious. But it cannot survive treason from within. An enemy at the gates is less formidable, for he is known and carries his banner openly. But the traitor moves amongst those within the gate freely, his sly whispers rustling through all the alleys, heard in the very halls of government itself. For the traitor appears not a traitor; he speaks in accents familiar to his victims, and he wears their face and their arguments, he appeals to the baseness that lies deep in the hearts of all men. He rots the soul of a nation, he works secretly and unknown in the night to undermine the pillars of the city, he infects the body politic so that it can no longer resist. A murder is less to fear"

    Cicero Marcus Tullius

  10. #70
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    Re: Is Social Security a Ponzi Scheme?

    Quote Originally Posted by Boo Radley View Post
    Which would not fit the definition of a PONZI scheme.
    Where are the current SS recipients getting their social security checks from? Thin air? I do not think the average retired person living off of social security paid $1,177 a month during the whole time they were employed.


    Average monthly Social Security benefit for a retired worker
    "A nation can survive its fools, and even the ambitious. But it cannot survive treason from within. An enemy at the gates is less formidable, for he is known and carries his banner openly. But the traitor moves amongst those within the gate freely, his sly whispers rustling through all the alleys, heard in the very halls of government itself. For the traitor appears not a traitor; he speaks in accents familiar to his victims, and he wears their face and their arguments, he appeals to the baseness that lies deep in the hearts of all men. He rots the soul of a nation, he works secretly and unknown in the night to undermine the pillars of the city, he infects the body politic so that it can no longer resist. A murder is less to fear"

    Cicero Marcus Tullius

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