XPost: or.politics, alt.economics, seattle.politics
XPost: ca.politics, alt.law-enforcement
On 3/12/25 08:10, Baxter wrote:
"three key points:
1. Social Security isn’t a Ponzi scheme or a scam; it’s just a government program supported by a dedicated tax, which is perfectly normal
2. It’s a highly successful program, which has vastly improved older Americans’ lives
3. It faces a financial shortfall, but the shortfall isn’t that big, and sustaining Social Security is well within America’s means."
https://paulkrugman.substack.com/p/the-clean-little-secret-of-social? utm_source=substack&utm_medium=email
Krugman is smart (although often wrong) and he does a pretty good
job trying to put lipstick on a pig.
Yes, Social Security is "a government
program supported by a dedicated tax,
That forces working age citizens to pay in, and gives their
money, mostly to "baby boomers" who are retired.
The love of youth, to give to their elders seems to
me to be wearing a bit thin.
Yes, Social Security "which has vastly improved older
Americans’ lives", especially those who DID NOT properly
invest and save for their older years.
Have you checked the birth rates lately?
Yes, it faces a shortfall. "but the shortfall isn’t
that big, and sustaining Social Security is well within
America’s means." OK, depending on your view of "means".
Are the young workers, who are also voters, going to be
willing to pay increasing amounts for the future payouts
that are going to be reduced? (The starting age is
going to have to be increased.)
I hope they will. But I am very glad that the
MRDs (Minimum Required Distributions) from my
IRA (Individual Retirement Account) is a higher
amount than my SS income.
As the trust fund gets spent down, Social Security's
similarity to a Ponzi Scheme will become more obvious
to all. I note that even Krugman did not call it
an "insurance plan".
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