Re: Social Contract

[Mike McCarty <Mike.McCarty@sbcglobal.net>]

Mumia W wrote:
> Wulfy wrote:
>
> > Steve Lamb wrote:
> >
> > > Wulfy wrote:
> > >  
> > >
> > > > Erm.  What does "ponzi" mean?  I can't find it in any of my
> > > > dictionaries, so I assume it's American Slang...
> > >
> > > http://en.wikipedia.org/wiki/Ponzi_scheme
> >
> > Thanks, Steve.
>
> Indeed, thanks Steve.
>
> Perhaps, Steve, you should have read this section:
> http://en.wikipedia.org/wiki/Ponzi_scheme#Are_national_retirement_programs_Ponzi_schemes.3F 
>
>
> That section explains why national retirement schemes are *not* ponzi 
> schemes.

It also contains factual errors. For example, the very first bulleted
item:

> Retirement systems, like Social Security, are openly declared for what
> they are. In a genuine Ponzi scheme, the perpetrators falsely claim that
> there is some business that generates the promised revenues. In Social
> Security, people know where the money comes from, and actuaries supply
> written predictions of future cash in-flows and out-flows.

I don't know about in other countries, but in the USA politicians
speak openly of "Social Security Accounts", which actually are
non-existent. All monies going to "Social Security" go directly
to the US Treasury. FDR made his ever so famous speech indicating
that it set up a "retirement fund". I didn't bother to read the
rest, since the first bulleted item indicated that whoever wrote
that bit didn't actually check whether the claims made by
government officials were fraudulent.

Mike
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