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© 2012 Sanjeev Sabhlok's revolutionary blog
Continuing my comments on social security, this is relevant.
Why Social Security is *worse* than Ponzi scheme: last time I checked, no one forces you to join a Ponzi scheme (cited on Steve Horwitz's FB wall).
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Ponzi! Ponzi! Ponzi!: The truth about Social Security John Stossel | September 15, 2011
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Related posts:
- “Social Security is much worse than a Ponzi scheme” – continued
- Social insurance must be actuarially fair, and limited to a very frugal poverty level
- The average American would have been 20 times wealthier than he is today, WITHOUT the central bank
- Liberty, transparency, decency, privacy, security, secrecy, crime, and paranoia
- My views on The Spirit Level: propaganda masquerading as social science
- Letter from an American reader of this blog
- How John Rawls exceeded his brief, and how social justice has no meaning.
- The nonsense of ‘social justice’
- Thick-headed American politicians finally get it – school choice works
- The social minimum – a running analysis
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It is easy to demonize social security but there are limited alternatives to fixing it. Entrusting people to save AND not dip into them is unrealistic and impractical. The erroneous AAA ratings given by rating agencies is a proof that their ratings could not be trusted to park investments. Would an individual trust a fund manager with his retirement savings that 'guarantees' he gets 100% back? When even financial experts fail to give you a safe place, what is an individual supposed to do? What is required is fixing the social security NOT transferring to other models. However, an individual should be empowered to make the decision.
Aaravind
I’m afraid this whole thing is a ridiculous idea that is incompatible with liberty – from first principles. You can’t fix something that you shouldn’t have in the first place.
Sanjeev,
It is a harsh political reality that Social Security in US will go nowhere. Politicians hate to talk of removing it. 'Fixing it' is closest they can get to accepting. One can stay put at abolishing social security and get nowhere or try to make it solvent and sustainable. Social security has become the identity of what the nation as America is.
I agree. Social security will take USA to the bottom of the sea, just like liberal pensions have sunk Greece. That’s why it is so important not to have bad policy in the first place.
Socialism destroys because it builds incentives that lead to self-destruction. It can’t be stopped once it starts off.
The law that there is no free lunch in life CANNOT be violated for ever.