Try Your Hand at Saving Social Security
18 Jun 2011Interactive tool from the WSJ. Select benefit reductions, tax increases, and/or benefit increases to see if you can make it solvent. (note: to get around WSJ paywall, google search for “saving social security wsj” then jump to the tool using the result there)
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3 Responses to Try Your Hand at Saving Social Security
Philip May
June 18th, 2011 at 22:58
The worlds biggest, most public, and transparent Ponzi scheme.
jjs
June 19th, 2011 at 03:22
Gee whiz — the first option I picked, “Eliminate the cap altogether so the payroll tax applies to all earnings, but retain current law maximum for calculating maximum future benefits”, produces a surplus!
Problem solved. Stick a fork in it.
NEXT!
–J
P.S. Mr. May, in the comment above, demonstrates that he does not understand either Ponzi schemes or the history of pay-as-you-go social programs, on which Social Security is based.
Roanman
June 20th, 2011 at 19:40
The SEC defines a Ponzi Scheme as follows
What is a Ponzi scheme?
A Ponzi scheme is an investment fraud that involves the payment of purported returns to existing investors from funds contributed by new investors. Ponzi scheme organizers often solicit new investors by promising to invest funds in opportunities claimed to generate high returns with little or no risk. In many Ponzi schemes, the fraudsters focus on attracting new money to make promised payments to earlier-stage investors and to use for personal expenses, instead of engaging in any legitimate investment activity.
Why do Ponzi schemes collapse?
With little or no legitimate earnings, the schemes require a consistent flow of money from new investors to continue. Ponzi schemes tend to collapse when it becomes difficult to recruit new investors or when a large number of investors ask to cash out.
Sure sounds like social Security to me.