Bill Lear wrote: >> Is there a good refutation for non-specialists of the notion that >> Social Security is a Ponzi scheme?
Doug: > It's no more so than any pension scheme. Today's retirees are paid by today's > workers. Tomorrow's retirees will be paid by tomorrow's workers. What's Ponzi > about that? < The idea that OASI is a "Ponzi scheme" seems nothing but a matter of rhetoric, at a much lower intellectual level than assertions about demographic problems in its future. Fake "pension" (401k and IRA) plans are _more_ like Ponzi schemes, because the stock market is _sometimes_ like a Ponzi scheme, i.e., during a stock bubble, when the paper value of stocks far exceeds the value justified by the profitability of the firms whose stock is being traded. -- Jim Devine / "Segui il tuo corso, e lascia dir le genti." (Go your own way and let people talk.) -- Karl, paraphrasing Dante. _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
