PeakOiler

Why a Psychological Bottom Will Lag Any Real Recovery

PrudentMan, you say the SS Admin is a 'Ponzi' scheme, and it is, but it has nothing to do with the body of your comment. It's a Ponzi scheme because the money coming out to recipients is being funded by the money coming in from contributors. The biggest Ponzi scheme in the history of the world, indeed.

You seem to be complaining about how you could be receiving $8000 per month if you had invested your contributions, rather than what, about $1500 per month now under SS. I am sure your $8000 is a good estimate since you are a CFA. But Social Security was set up so that those who don't contribute as much as you (and other higher income folks) can receive enough in retirement to eek out a marginal existence. That's not the Ponzi part, that's the socialist part, and I see nothing wrong with it. I prefer not to have my ancient parents living with me as I go thru middle age. Not only that, but hindsight is always perfect, and if the next twenty years is anything like the last two, we'll all be happy to have a modest, but steady Social Security income in old age.