28 Mar 2025 4:40 am
Thanks for a rational discussion about something that matters.Vegas » Yesterday, 3:52 pm » wrote: ↑ Ponzi SchemeVs Social Security
Ponzi SchemeSocial Security
- Money from new investors is used to pay returns to earlier investors
- Eventually collapses when there aren’t enough new investors
- Not backed by actual investments
Yes, it would appear to meet the criteria of a Ponzi scheme. The biggest difference is that when the government does it, it is legal. So, what is the solution?
- Taxes from current workers are used to pay benefits to current retirees
- Faces financial strain when there aren’t enough workers to support retirees
- Trust fund is invested in government bonds, but there are no private investments
Well, some say to raise the retirement age, increase payroll taxes, lift the payroll tax cap, reduce benefits for higher earners, and index benefits more slowly.
These solutions suck ^^^.
My idea:
1. Privatizing SS is an option. In fact, it may be the only viable option. It has a lot of problems that go along with it, but I think the benefits of privatization ultimately outweigh the current and future option.
Or
2. Cap off who can take it out. I doubt Bill Gates needs a social security check. Yes, he paid into it, thus he has a right to it, but seriously? We already do a form of this anyway with welfare. We pay money into the state for welfare benefits. However, we can't collect on it unless we qualify for it. Why not the same idea for the ultra-rich?
I will likely never get a dollar of it back. I am 5 years out from any benefit. It will not be enough to live on.
I am willing to work to my death bed and my contribution can be used to help others in need. I actually have a job now that all I need is eyeballs.. I suppose if I can't type on a keyboard or operate a mouse I can get the neuralink blue tooth connection or the Steven Hawking eyeball link to the screen.
I am in agreement that social security is likely unsustainable. My bleeding liberal heart says never give up, but my conservative brain (as meager as it is) says there is no hope.
I am engaged in trying to help my Bro In Law survive. There is a tumor the size of a tennis ball in his neck pushing on the brain stem. He has been on the dole for decades. I hear Trumpocalypse on my shoulder saying to "Let Him Die". As strange as it sounds, I think there was a plan in Iowa amongst those advocating for his well being to let him die and keep the SS check coming. The Full MAGA Jacket is strong in Iowa.
Elon said last night there will be more social security benefits for phooks in the future. I screamed at him on the TV..."How many have to die to make that happen Elon?" They are on a mission to kill SS recipients.