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Post by Deleted on Feb 25, 2013 21:20:34 GMT -5
As are WWII Vets and Korean Vets , Vietnam Vets are starting to die off attrition , When the Vietnam era generation goes what will fill the vacuum , the Vietnam Vet generation took this Country into the 21st century , fought the war , put a man on the moon , got us over Watergate , survived the cold war , gave women status , gave us the cell phone , freed the blacks for the third or forth time . what will the four lost generations in between give us , one or two of these generations are sharing in entitlements that they have not paid anything in , so entitlements have become a great big Ponzi scheme , there will be unhappy people in the near future when they go to tap into their entitlements .
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Post by Swampy on Feb 25, 2013 21:57:33 GMT -5
The pension scheme is a giant Ponzi scheme, and, yes, it is unsustainable. In fact, one major American law firm collapsed partly because of it.
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Post by Deleted on Feb 25, 2013 22:08:45 GMT -5
Too many people are benefiting from entitilments that have not made contrbutions to them .
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Post by Deleted on Feb 26, 2013 9:21:42 GMT -5
The pension scheme is a giant Ponzi scheme, and, yes, it is unsustainable. In fact, one major American law firm collapsed partly because of it. To which pension scheme do you refer? |
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Post by Deleted on Feb 26, 2013 9:48:55 GMT -5
I would think social security .
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Post by Swampy on Feb 26, 2013 10:04:27 GMT -5
Just about all government pensions are Ponzi schemes.
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Post by Deleted on Feb 26, 2013 11:26:14 GMT -5
Its like earnest money in real estate the broker can spend the money as long as there is more earnest money coming in , but if the money slows or stops , boom . And the goverment is about to go boom in about 18 years or sooner .
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Post by Deleted on Feb 26, 2013 15:03:25 GMT -5
Just about all government pensions are Ponzi schemes. To me, a Ponzi scheme is illegal. So are you saying that the pension I EARNED while in service is illegal? How about Social Security which many of us here in the States paid into for all our working years? I'll wait for your response before I add anything else. |
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Post by Swampy on Feb 26, 2013 15:47:22 GMT -5
I'm not saying it's illegal; I'm saying a pyramid scheme is unsustainable.
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Post by Sir John on Feb 26, 2013 15:58:35 GMT -5
AFAIK, Government run pension schemes ARE unsustainable, in that the contributions must not only generate enough income to cover the outflow, but also to counteract inflation. This they often fail to do.
The Social Security Trust Fund has had its contributions FORCED into US Treasury Bonds, since the early '80s at least, not sure of the actual start date of that. This worked fine with Bond interest rates north of 5%, but these have been artificially reduced to about 2%, and this in not nearly enough to cover the obligations.
When the USG sold those Bonds to the SSTF, it then spent the money, and the SSTF now relies on the USG to supply the cash to pay the pensions.
I think i know what is going to happen next.
SJ
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Post by Deleted on Feb 26, 2013 22:27:41 GMT -5
Obama in between golfing engagements will simply sign an excecutive order reducing the defict to zero . He is quoted as saying , Social Security ? do people really live off that ? .
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