Active Users:1101 Time:23/11/2024 12:54:46 AM
Back to Messageboard Post New Thread Search Help Stats Rules
Wait: An insurer is saying insurance is a Ponzi scheme? Joel Send a noteboard - 04/03/2013 12:56:30 AM

Have you been advised of your Fifth Amendment protection from self-incrimination? :P

View original postA "Ponzi" is a investment scheme (the word has negative connotations but none are intended here) that utilizes current receipts to pay for current benefits. This is what SS does. All the misinformed folks who say "Don't mess with MY Social Security, I paid for it, it isn't an entitlement." are simply flat out wrong.


View original postI am paying for my father's Social Security check, just like he paid for his father's, and my kids will be paying for mine.

It is a Ponzi, because of how it is structured, not if it has worked in the past, or can continue to work in the future or how large the pool of forced contributions is. How big the forced contribution is, versus how pitiful the payout is the ONLY reason it has lasted this long.


"A 'Ponzi' is a investment scheme (the word has negative connotations but none are intended here) that utilizes current receipts to pay for current benefits." By that definition, social security insurance would be a Ponzi—just like ALL insurance. By the way, SS witholding was increased in 1983 so that people partially paid for their OWN future benefits as well as current retirees.

Also, saying, "I paid for it," MAKES it an entitlement: We are entitled to everything ours by right, because that is what "entitled" means.

Honorbound and honored to be Bonded to Mahtaliel Sedai
Last First in wotmania Chat
Slightly better than chocolate.

Love still can't be coerced.
Please Don't Eat the Newbies!

LoL. Be well, RAFOlk.
Reply to message
Can You Name the Largest US Program to ANNUALLY Collect More Than It Spent for 75 Straight Years? Joel - 28/02/2013 11:03:18 PM 1303 Views
Medicare? *NM* Aisha - 28/02/2013 11:38:22 PM 521 Views
No, Medicare has only been around about half as long. Joel - 28/02/2013 11:56:32 PM 808 Views
Medicare has its own problems, and caused many more. You really do not want to have this debate. HyogaRott - 03/03/2013 03:03:15 PM 728 Views
No, I do not, because Medicare and torts are invariably scapegoated for all problems with healthcare Joel - 04/03/2013 12:52:37 AM 793 Views
I can argue with anyone on this (and have) btut first we need to break out that dictionary HyogaRott - 04/03/2013 04:45:06 AM 717 Views
I am sure you can and have; ability to form arguments does not automatically grant them validity. Joel - 11/03/2013 09:56:11 PM 782 Views
Like I said, short conversation, once everyone uses the same definitions. HyogaRott - 13/03/2013 03:28:52 PM 775 Views
From the way you're shitting yourself with glee, I'm going to say Social Security. Cannoli - 01/03/2013 12:45:50 AM 902 Views
Hot dog, we have a wiener! Joel - 01/03/2013 01:40:18 AM 847 Views
Also unlike Ponzis, Social Security was not meant to profit—it just did anyway. For 75 years. Joel - 01/03/2013 01:55:46 AM 749 Views
It is a "Ponzi" by definition, any argument to the contrary just makes you look ignorant. HyogaRott - 02/03/2013 12:02:46 PM 819 Views
Wait: An insurer is saying insurance is a Ponzi scheme? Joel - 04/03/2013 12:56:30 AM 786 Views
You are making even lese sense than usual... Quite an acomplishment. *NM* HyogaRott - 04/03/2013 03:31:39 AM 488 Views
Maybe, but my math usually checks, and I never have to explain what I omitted. Joel - 11/03/2013 09:55:50 PM 874 Views
My math ALWAYS "checks" - it isn't personal, you are just making absolutely no sense, *NM* HyogaRott - 13/03/2013 03:27:11 PM 429 Views
It's the world's greatest Ponzi scheme, since the government forces us to give money to it. Anonymous2000 - 01/03/2013 01:05:05 PM 743 Views
Yes, "government forcing people to give money" defines a Ponzi; speeding tickets are Ponzis. Joel - 01/03/2013 03:53:02 PM 868 Views
Good lord my friend..... Anonymous2000 - 02/03/2013 04:19:35 AM 784 Views
I will just link what Isaac said; maybe then you will pay attention to it. Joel - 02/03/2013 04:56:34 AM 824 Views
I really think you terribly misread what I said *NM* Isaac - 02/03/2013 06:59:56 AM 430 Views
Yes he did. He has very poor reading comprehension skills. *NM* Anonymous2000 - 03/03/2013 01:07:59 AM 457 Views
I really do not think I did. Joel - 04/03/2013 01:43:02 AM 861 Views
I'm pretty confident you have Isaac - 04/03/2013 11:49:19 AM 846 Views
We evidently disagree on what constitutes a Ponzi scheme. Joel - 11/03/2013 09:56:27 PM 769 Views
No, I agree with a clear definiton, you seem not to want to absorb that Isaac - 11/03/2013 10:24:47 PM 912 Views
It is neither an investment nor fraudulent. Joel - 12/03/2013 02:34:09 AM 982 Views
Re: Yes, "government forcing people to give money" defines a Ponzi; speeding tickets are Ponzis. HyogaRott - 02/03/2013 12:22:34 PM 838 Views
Fraud="money contributed is NOT invested for the contributor, but instead redistributed to others"? Joel - 04/03/2013 12:51:30 AM 768 Views
You can try and misrepresent what I have said all you want, you are still wrong. HyogaRott - 04/03/2013 03:45:24 AM 844 Views
Dude, how is QUOTING you misrepresenting you?! And why must I ALWAYS ask that in these threads? Joel - 11/03/2013 09:56:18 PM 812 Views
Well, can you get more wrong? HyogaRott - 13/03/2013 03:45:08 PM 724 Views
Okay, that's a really weird or naive standard to judge SS by Isaac - 01/03/2013 05:25:11 PM 789 Views
Great; will you put that on a postcard to Cannoli, A2K, Rick Perry and the rest of your party? Joel - 01/03/2013 07:39:44 PM 816 Views
I don't think I'd be telling them anything they don't already know... I mostly agree with them Isaac - 02/03/2013 05:38:56 AM 927 Views
Means testing is flat out WRONG, and the contribution limit is a sticky debate HyogaRott - 02/03/2013 12:43:09 PM 740 Views
Tell that to him not me, I didn't express an opinion and my implied one obviously doesn't favor it Isaac - 02/03/2013 05:28:14 PM 873 Views
I was, I just hit the repy under the wrong post. He was the first to bering the two topics up. *NM* HyogaRott - 03/03/2013 04:09:34 AM 426 Views
It is insurance against old age poverty, not a longevity lottery. Joel - 04/03/2013 02:00:24 AM 846 Views
It is not insurance, it is a pension plan, that also contains an overpriced LT disability insurance. HyogaRott - 04/03/2013 04:00:42 AM 845 Views
Social Security Insurance; says so right on the label. Joel - 11/03/2013 09:53:33 PM 984 Views
You can call it BedroomWindowVitamins but it does not change what it acutally IS. HyogaRott - 13/03/2013 04:34:42 PM 764 Views
"Sustainable"=/="profitable;" bankruptcy was not always a given, as your fellows claim.. Joel - 04/03/2013 01:35:04 AM 744 Views
Sustainable often means profitable, they are not universally synonmous but both at once is ideal Isaac - 04/03/2013 12:25:45 PM 745 Views
That is the IDEAL, but NOT point: Sustainability needs no profit, yet profit ensures sustainability. Joel - 11/03/2013 09:56:48 PM 1198 Views
Your attacks on republican ideals would have more credit if you understood them random thoughts - 02/03/2013 04:27:34 AM 799 Views
An ironic charge, since their defenses of those ideals typically suffer from the same defect. Joel - 02/03/2013 04:51:32 AM 777 Views
I'm rubber you're glue, whatever you say bounces of me and sticks to you. nyah, nyah, nyah HyogaRott - 02/03/2013 12:58:10 PM 723 Views
"Unsustainable"=/="meeting monthly obligations for 75 YEARS and still having $2.5 trillion left." Joel - 04/03/2013 01:03:09 AM 842 Views
Please look up the definition of sustainable. Hint: "its worked so far" isn't it. HyogaRott - 04/03/2013 04:25:19 AM 802 Views
"As it is currently constructed/funded" is one HELL of a qualifier. Joel - 04/03/2013 04:41:30 AM 863 Views
You just don't get it, or apparently are so in love with your political ideology you won't. HyogaRott - 04/03/2013 04:58:15 AM 673 Views
I believe if you check civilizations record you will find the human population has steadily risen. Joel - 04/03/2013 05:08:38 AM 783 Views
*sigh* HyogaRott - 04/03/2013 12:15:22 PM 731 Views
Birth RATES have fallen; POPULATION steadily rose in every period except the Black Deaths peak. Joel - 11/03/2013 09:56:36 PM 1005 Views
Re: Declining birth rates are the key HyogaRott - 13/03/2013 04:47:41 PM 832 Views
Ironic that you would make my point while arguing against random thoughts - 04/03/2013 06:12:29 PM 689 Views
? Joel - 11/03/2013 09:56:59 PM 848 Views
you mistate his posistion and then rationalize that you know what he really meant random thoughts - 13/03/2013 12:06:44 PM 696 Views
aH yes the great liberal investmetn/retirement plan that offers me a NEGATIGVE rate of return... HyogaRott - 02/03/2013 11:51:50 AM 714 Views
Do you sincerely believe people earning $14,560/year can afford investing 4% of it? Joel - 04/03/2013 12:53:30 AM 878 Views
*sigh* HyogaRott - 04/03/2013 03:43:08 AM 707 Views
I tried it with compound interest; $44.80/month at 4% for 50 years still does not get to $1.25 mill. Joel - 04/03/2013 04:24:51 AM 790 Views
Here are some clues. HyogaRott - 04/03/2013 04:37:39 AM 651 Views
It is math, not the Riddle of the Sphinx: EIther it adds up or does not. Joel - 04/03/2013 05:02:39 AM 804 Views
Math is simple - Either you know how to calculate it or you don't HyogaRott - 04/03/2013 11:55:24 AM 882 Views
Indeed. Joel - 11/03/2013 09:53:59 PM 790 Views
Re: Indeed. HyogaRott - 13/03/2013 05:00:10 PM 974 Views
SS is supposed to supplement a proper pension, not provide your sole income after retirement moondog - 05/03/2013 03:53:03 AM 670 Views
Did you bother to actually read anything? HyogaRott - 05/03/2013 02:32:16 PM 737 Views
do *YOU* know what "living in poverty" means? moondog - 05/03/2013 05:49:14 PM 804 Views
Re: do *YOU* know what "living in poverty" means? --- yeah, I've BEEN there. HyogaRott - 05/03/2013 08:01:33 PM 779 Views
how about respond to a post with logic and civility instead of being a troll for once? moondog - 05/03/2013 11:03:00 PM 862 Views
All I have used is civility and logic, or least as much civility as was warrented. HyogaRott - 06/03/2013 04:28:04 AM 811 Views
yeah, it's my fault for stooping to your level.... moondog - 08/03/2013 07:22:24 PM 853 Views
Re: yeah, it's my fault for stooping to your level.... HyogaRott - 10/03/2013 01:42:26 PM 723 Views
i'm not going to keep going in circles so i will finish with this.... moondog - 11/03/2013 10:08:53 PM 1071 Views
No loss. HyogaRott - 13/03/2013 04:37:41 PM 664 Views
"Rah! Rah! Rah!" Can we please cut out all this blather and bile? Stephen - 05/03/2013 11:53:41 PM 740 Views
spoken like a true enemy of the state! moondog - 06/03/2013 12:54:38 AM 711 Views
Re: spoken like a true enemy of the state! Stephen - 08/03/2013 03:04:37 PM 766 Views
I was not trolling, but clarifying. Joel - 11/03/2013 09:53:48 PM 787 Views
Back to Messageboard Post New Thread Search Help Stats Rules

Reply to Message

Block Quote Paragraph Quote
Formatting
Smiley Codes