Wednesday, August 17, 2011

Ponzi

Thank you, Jonathan Bernstein:
Anyone who says that Social Security is a Ponzi scheme either misunderstands Social Security, misunderstands Ponzi schemes, is deliberately lying, or some combination of those.
I once nearly came to blows with someone on this very topic at a New Year's Eve party. Nice to know that, had Bernstein been there, he'd have had my back.

2 comments:

Anonymous said...

It may not surprise you that my father's been spouting this line, of late. Mrrrgh. I think the paranoia driving it is simply, if I pay in and it never pays out for, it'll surely have felt like a Ponzi scheme.

That, of course, is not the case with my father, who's collecting checks.

Anonymous said...

Sorry, editing. I meant, "if it never pays out FOR ME".