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.
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2 comments:

  1. AnonymousAugust 21, 2011 at 9:19 AM

    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.

    ReplyDelete
  2. AnonymousAugust 21, 2011 at 9:22 AM

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

    ReplyDelete