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. #1
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    Is Social Security a Ponzi Scheme?

    Yes? No? Why?
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    Re: Is Social Security a Ponzi Scheme?

    Oh absolutely - according to the wiki explanation of a Ponzi scheme. It sure is: It's just legally spawned by the federal government as their own ponzi scheme to make money and pay their expenses.

    The main purpose of the SSA is not to keep old people from being dirt poor.

    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. The perpetuation of the returns that a Ponzi scheme advertises and pays requires an ever-increasing flow of money from investors to keep the scheme going.

    The system is destined to collapse because the earnings, if any, are less than the payments to investors. Usually, the scheme is interrupted by legal authorities before it collapses because a Ponzi scheme is suspected or because the promoter is selling unregistered securities. As more investors become involved, the likelihood of the scheme coming to the attention of authorities increases.
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    Re: Is Social Security a Ponzi Scheme?

    A ponzi scheme is a confidence game...a criminal act; a fraud. It's designed from the first to have a limited lifespan, to illegally enrich the operator and to deprive the investors of the benefit of their bargain.

    It's not possible to describe SS as a ponzi scheme -- it has no one operator, is not illegal and has yet to defeat anyone's expectations. The strain on this system which WILL require it to be reformed has as much to do with changing population mix as anything else....something that was not foreseeable in the 1930's, when it was created.

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    Re: Is Social Security a Ponzi Scheme?

    Quote Originally Posted by Pinkie View Post
    A ponzi scheme is a confidence game...a criminal act; a fraud. It's designed from the first to have a limited lifespan, to illegally enrich the operator and to deprive the investors of the benefit of their bargain.

    It's not possible to describe SS as a ponzi scheme -- it has no one operator, is not illegal and has yet to defeat anyone's expectations. The strain on this system which WILL require it to be reformed has as much to do with changing population mix as anything else....something that was not foreseeable in the 1930's, when it was created.
    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.
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    Re: Is Social Security a Ponzi Scheme?

    I asked what exactly Perry was claiming when he said this. I still haven't seen what his actual arguement is. S.S. is not a Ponzi scheme. Right now it is being run very much like one though.

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    Re: Is Social Security a Ponzi Scheme?

    Quote Originally Posted by 1Perry View Post
    I asked what exactly Perry was claiming when he said this. I still haven't seen what his actual arguement is. S.S. is not a Ponzi scheme. Right now it is being run very much like one though.
    Well - if it's run like one then doesn't that make it one?

    If they fixed it - which isn't possible at this point - but let's pretend they managed to figure out how - then maybe I wouldn't' view it like the ponzi scheme that it is.
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    Re: Is Social Security a Ponzi Scheme?

    Quote Originally Posted by Aunt Spiker View Post
    Well - if it's run like one then doesn't that make it one?
    An arguement not worth pursueing.

    If they fixed it - which isn't possible at this point - but let's pretend they managed to figure out how - then maybe I wouldn't' view it like the ponzi scheme that it is.
    It can be fixed, but yes, until it is, it's being run like a Ponzi scheme and even then, some will take it in the shorts just like in a Ponzi scheme to fix it.

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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.
    I'm not sure they knew "from the very beginning", Aunt Spiker. But now? By 2025, there'll be something like two workers for every 10 retired people, if nothing changes.

    This problem has been pointed out to us since I was 16 years old, but no one wants to volunteer to have his benefits reduced so that the solution can be sought. Mine, mine, mine, everyone chants....it's just so disturbing.

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    Re: Is Social Security a Ponzi Scheme?

    Quote Originally Posted by Pinkie View Post
    I'm not sure they knew "from the very beginning", Aunt Spiker. But now? By 2025, there'll be something like two workers for every 10 retired people, if nothing changes.

    This problem has been pointed out to us since I was 16 years old, but no one wants to volunteer to have his benefits reduced so that the solution can be sought. Mine, mine, mine, everyone chants....it's just so disturbing.
    Funny how the solution to the problem is going to fall apart because the problem was never solved the first time around.
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    Re: Is Social Security a Ponzi Scheme?

    Quote Originally Posted by Aunt Spiker View Post
    Funny how the solution to the problem is going to fall apart because the problem was never solved the first time around.
    I'm not sure what you mean by "the first time"; and BTW, Medicare is an even greater beast. No way can we support 50, 60 million 80 to 90 year olds in nursing homes.

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