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Social Security: The Biggest Ponzi Scheme on Earth (By Milton Friedman)

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Re: Social Security: The Biggest Ponzi Scheme on Earth (By Milton Friedman)

#121

Post by Retric »

mattmaroon wrote: post #117
Retric wrote: post #110

Earlier quoted context omitted.

Still looking, but I found one for japan: http://www.mhlw.go.jp/english/database/db-hw/lifetb04/2.html 1955: 40 and live to 60 = 71%; 2004: 40 and live to 60 = 88%; 1955: 60 and live to 80 = 32%; 2004: 60 and live to 80 = 64%; Edit US: http://www.infoplease.com/ipa/A0005124.html (Looks like deaths are down per 100,000 people but I can't find the right tables.) Edit: Got it: Even more old people in the US: 1990 vs 200…

That's not showing anything about life spans, just the baby boomers getting older. It's the retiree to worker ratio shifting as they age.

Baby boomers are not that old yet. These are the number of people over 75 in 2000 vs 1990. 1990 - 75 = 1915 and before vs 1925 and before.

95 years and over + 34%. Are you suggesting that there was a 34% population boom between around 1885 and 1905?

Re: Social Security: The Biggest Ponzi Scheme on Earth (By Milton Friedman)

#122

Post by nihilocrat »

alecco wrote: post #115
nihilocrat wrote: post #79

Earlier quoted context omitted.

Chomsky is a pretty hardline radical liberal, so it's fairly likely that an HN reader or two thinks what he writes is pure and utter garbage.

That's OK. But why do you down-vote what you don't agree with?

How do you know I down-voted anything? I actually haven't down-voted anything attached to this story.

I will downvote something I don't agree with if I think it's not well-reasoned, or too knee-jerky, or otherwise just dilutes the discussion.

Re: Social Security: The Biggest Ponzi Scheme on Earth (By Milton Friedman)

#123

Post by MaysonL »

nihilocrat wrote: post #79
alecco wrote: post #56

Earlier quoted context omitted.

The current group on the receiving end did pay. Noam Chomsky wrote a great essay on this non-issue: http://www.chomsky.info/articles/20050601.htm (Hey, the guy's from MIT, don't down-vote me that much, please! ;)

Chomsky is a pretty hardline radical liberal, so it's fairly likely that an HN reader or two thinks what he writes is pure and utter garbage.

Chomsky may be a bit of a nutcase (which is how I interpret your tag of hardline radical liberal) but his analysis of the Bush administration's propaganda seems spot-on, in the linked article.

Re: Social Security: The Biggest Ponzi Scheme on Earth (By Milton Friedman)

#124

Post by chaostheory »

mattmaroon wrote: post #23
byrneseyeview wrote: post #22

Earlier quoted context omitted.

The government borrowing from SS is no different than them borrowing from the Chinese, either way it has to be repaid. I'd like to offer you an annuity. Here's how it works: you give me about 15% of your paycheck every year, and I spend the money on whatever I feel like. I replace it with a piece of paper that says "Dear Byrneseyeview: Please tender to the bearer -- Byrneseyeview -- an amount equal to the sum borrowe…

Here's 2 scenarios. a) Government borrows $4 trillion from the Chinese at 2% annually. b) Government borrows $4 trillion from Americans, by way of Social Security, at 2% annually. What's the difference in what the government owes after 10 years? Either way the government has to raise $4 trillion (plus interest) in taxes, borrow it, or print it to pay it off. Either way everyone is in the exact same boat, except in bo…

"a) Government borrows $4 trillion from the Chinese at 2% annually

Either way the government has to raise $4 trillion (plus interest) in taxes, borrow it, or print it to pay it off."

Sadly there's another option. the gov decides not to pay and basically asks for a declaration of war from China...

Re: Social Security: The Biggest Ponzi Scheme on Earth (By Milton Friedman)

#125

Post by mattmaroon »

chaostheory wrote: post #124
mattmaroon wrote: post #23

Earlier quoted context omitted.

Here's 2 scenarios. a) Government borrows $4 trillion from the Chinese at 2% annually. b) Government borrows $4 trillion from Americans, by way of Social Security, at 2% annually. What's the difference in what the government owes after 10 years? Either way the government has to raise $4 trillion (plus interest) in taxes, borrow it, or print it to pay it off. Either way everyone is in the exact same boat, except in bo…

"a) Government borrows $4 trillion from the Chinese at 2% annually Either way the government has to raise $4 trillion (plus interest) in taxes, borrow it, or print it to pay it off." Sadly there's another option. the gov decides not to pay and basically asks for a declaration of war from China...

Which would cost far more than $4 trillion so is not really an option, if you assume it would mean war with China.

Re: Social Security: The Biggest Ponzi Scheme on Earth (By Milton Friedman)

#126

Post by alecco »

nihilocrat wrote: post #122
alecco wrote: post #115

Earlier quoted context omitted.

That's OK. But why do you down-vote what you don't agree with?

How do you know I down-voted anything? I actually haven't down-voted anything attached to this story. I will downvote something I don't agree with if I think it's not well-reasoned, or too knee-jerky, or otherwise just dilutes the discussion.

Because I got something like -4 just after your horrible ad-hominem comment.
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