Sunday, March 4, 2012
A Ponzi only Bigger
What is the difference between social security and a Ponzi scheme? This past week while I've beeen on vacation, away from the daily news I've been wondering about this. We vilify the Bernie Madoff's of the world for living the highlife with other peoples money until one day the bills come due and they are found out. They survive for years by paying the initial investors with funds deposited by the new ones.
For at least the last thirty years, some have been warning of a day when the SS fund will be paying out more than it takes in as baby boomers flood into the payout phase and our children don't replace us as investors, either because they fewer, already on the government dole, or moving from temporary job to temporary job. So who should we hold accountable for this?
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2 comments:
not only were we being warned by some, we were being told by others that the system was secure. it is these 'others' that need to be held accountable, preferably under a large dropping blade.
You mean,... there's no "lock box"?
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