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A Ponzi scheme that should be fixed - The Washington Post
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Krauthammer tells U.S. presidential candidates stop saying that Social Security is a Ponzi scheme, because by its very definition it is a Ponzi scheme. Instead exercize common sense and take the simple steps to update Social Security for today's longer life expectancy, aging population and way fewer workers to support a retired person. In a Ponzi scheme payments by people joining currently are paid to those who joined earlier, with not enough to pay future entrants- which is what is happening to Social Security. In 1940, after Roosevelt signed Social Security into law, there were 160 workers for each retired person. That dropped to 16.5 in 1950, today there are 3 workers. In 1940 the life expectancy was 62, today it is closer to 80. Krauthammer says the writing is on the wall- simply have the courage to make the changes by raising the retirement age, means testing the rich for benefits, and adjust the cost of living measure.
Krauthammer on Social Security and three practical steps to fix it
09/16/2011
Krauthammer says Social Security is a Ponzi scheme when we look at the definition of Ponzi schemes. The definition says in a Ponzi scheme the payments of people joining now are paid out to people who joined earlier, leaving little for future payments. This is happening to Social Security. In 1940, after Roosevelt signed it into law, the life expectancy was 62 and the retirement age was set at 65, there were 160 workers to support one retired person. Today life expectancy is closer to 80 and there are 2 workers to support one retired person. Well don't just say its a Ponzi scheme, exercize common sense and update Social Security for these facts, Krauthammer tells U.S. presidential candidates. Updating for the facts today means raising the retirement age, adjusting cost of living measures, and means testing the rich for benefits.
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