Difference between revisions of "Social Security"
From Critiques Of Libertarianism
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Social Security and similar programs around the first world have been spectacular successes for preventing poverty among the elderly and survivors for more than 70 years in the US and more than 120 years in Germany. These programs are very robust: the populace wants them very badly, which is why they have survived two world wars in Germany (for example.) | Social Security and similar programs around the first world have been spectacular successes for preventing poverty among the elderly and survivors for more than 70 years in the US and more than 120 years in Germany. These programs are very robust: the populace wants them very badly, which is why they have survived two world wars in Germany (for example.) | ||
| − | Social Security is not a Ponzi Scheme: it is a generational transfer. Ponzi schemes require geometrically increasing participation and eventually go bust. Pay-go programs simply transfer revenue from working generations to retired generations. Public schooling in the US is also a pay-go generational transfer program, though generally on a lower level of government. | + | Social Security is not a Ponzi or Pyramid Scheme: it is a generational transfer. Ponzi and Pyramid schemes require geometrically increasing participation and eventually go bust. Pay-go programs simply transfer revenue from working generations to retired generations. Public schooling in the US is also a pay-go generational transfer program, though generally on a lower level of government. |
Social Security is not an investment plan. Comparing it to investments is stupid because it is a transfer program. | Social Security is not an investment plan. Comparing it to investments is stupid because it is a transfer program. | ||
