Elon Musk just called Social Security a Ponzi scheme, so it’s worth reiterating: All functional retirement schemes, public or private, pre funded or pay as you go, are claims on future production - there's just no way, at scale, of storing current production for use during retirement
1 / 2
Comments
You can choose to cash it in tomorrow, or in 30 years time.
But the amount society produces overall has to do with population size & technology, not money.
An entire society cannot stop working and live on savings. They won't be able to use the savings to buy anything, because there will be no work being done to make things for them to buy.
Is it just the word “privatization”? It’s not like you need to have Wall Street firms managing the account!
The main reason we don’t do prefunded schemes as I understand it is that then you don’t have to wait a whole generation before seeing any benefit.
Sad to see him go that way. But also a great lesson on the spikiness of intelligence.
https://www.ssa.gov/history/InternetMyths2.html
So we can be like Elmo and the oligarchs rather than counting on each other to live a decent life
Full paper here: https://ppr.lse.ac.uk/articles/10.31389/lseppr.40
Do they remember where they hid or buried all their acorns? Absolutely not. But they know where *a squirrel* would stash an acorn, and so many of them are stashing that when they check those places, they find acorns.
But I do love that Squirrel Fact.)
It’s a little long we can workshop it.
https://stephaniekelton.substack.com/p/what-fdr-and-two-former-fed-chairs
Earth is burning
Playing his schemes.
We’ve finally answered it.
If the inventor of bitcoin is the king of fools, we now know the crypto investors are the more foolish.
Same as Trump and his followers. The fool of fools put him in power to get screwed.
So, EmperorM is drooling garbage talking points at this point.
loss or privatization of gov't function increases fraction of GDP that goes to the wealthy
Let me tell about the wealth of the top 0.001%…
The "Social Security = Ponzi scheme" argument is "without a stream of new workers to pay in, SSI can't pay out".
But imagine everyone had a big 401k and *everyone* retired. What would they buy with their money? Nobody's making any food. You need a stream of new workers!
When you and I pay into SS, its future value of the amount we paid in...that is why its called an Insurance Fund! Because, hint hint its iS!
Yet another example that he doesn't understand how things work.
Nazi Elon Musk
Social Security is INSURANCE against poverty in old age. If Social Security is a "Ponzi scheme," then so is whole life.
The reason we HAVE Social Security is because elders were starving in massive numbers when we left it up to private savings
There is a place for safety net, but thats not what social security currently is.
Benefits are way, way too small for most people to be 'living it up' - the median check is under $2000 a month (and that's before taxes and Medicare costs).
That or you're daytrading your retirement accounts which is just gambling.
Pensions are supposed to socialize out inequities in individual accts (Pensions invest many peoples' in the economy/stocks)
IRAs have been shown among boomers to lead to less secure retirements than pensions.
We did the opposite, of course. But it would have been one way to shift production from consumption.
In the main, current "government" consumption maintains value better than "private".
$1 of filleted fish GDP = $1 of education GDP, despite radically divergent utility decades later.
SS tax goes into Treasury general account
Special interest bearing bonds go into SS, making SS richer, not poorer
He bought for billions of Bitcoin which is a real Ponzi!!!
@peoplepowerunited.bsky.social
@50501movement.bsky.social
@indivisible.org
FDR quote:
This isn't MMT this is econ 101.
If you replace a bank credit with a government 💵, no inflation
Banks compete with governments over who gets to create money
Sovereign Wealth funds are a way to make it look like governments don’t just create the currency
And just tie governments printing dollars for public purpose to whether or not corporations are successful
Successful at what?
Earning lots of government printed dollars
You would reach more people, when you add a good description into the Alt-text field.
That is pretty easy, especially, when your image just contain text.
This way, you support visually impaired people and everyone else, who rely on a good filled Alt-text.
#accessibility
Pleasepleasepleasepleaseplease let it be soon.
This is like pointing to my liver and saying it's a tumour
And thereby confirm that he is one of the dumbest motherfuckers on the planet.
Nothing is sacred. Nothing is safe.
Musk is arguing against the fundamentals of society.