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Originally Posted by Ghostwriter
Sorry, but SS is now simply a ponzi scheme because the money promised is gone and will not come back.
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It's only a "Ponzi scheme" under certain conditions:
1 - a "reverse-pyramid" of a tax base (which is incredibly rare, and only currently exists because of Boomers - but will revert)
2 - an ever-weakening dollar (let's not use 2 years as a total trend).
Etc. The system needs considerable work, but it isn't conceptually impossible or broken as theory.
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The only real option is to privatize as our government is incapable of putting the funds where they will not be touched.
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Right - the way to solve a cash-strapped system is to suddenly remove tons of money from it. I can't see this becoming anything but a run on the bank, and a huge boon to mutual funds and similar (which will dilute the market, meaning the actual investors make very little). Then what? You'll replace Social Security with social services, a much less efficient system. It'll cost more, not less.
The government sucks at money management, I'll agree there. Most people suck much worse, unless the millions of "Check Into Cash" places operate at a loss.
Additionally, aren't there some logical inconsistencies with what you're saying? If there's no money/"the IOUs are no good", then what is there to actually withdraw?
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