James Devine writes: >> Insurance programs are transfer programs. If I have a fire, the fire >> insurance company pays me by transferring money from all the folks who >> pay premia who don't have fires. >> >> Similarly, the SS system is insurance against poverty in one's old age, >> disability, and survivorship.
If SS is insurance against poverty in old age, how come people who are not in poverty in old age receive SS? David Shemano
