Firenze Sage: Krugman vs Krugman [Social Security a Ponzi?]
MontereyBayForum
Is Social Security a Ponzi? Krugman’s view 15 yrs ago and now.
Krugman says now:
” Itâ€s true that Social Security is mainly a system in which each generation pays for the previous generationâ€s retirement, in the expectation that it will receive the same treatment from the next generation. So thereâ€s nothing Ponziesque at all.
Fifteen (15) years ago, Krugman said:
Social Security is structured from the point of view of the recipients as if it were an ordinary retirement plan: what you get out depends on what you put in. So it does not look like a re-distributionist scheme. In practice it has turned out to be strongly re- distributionist, but only because of its Ponzi game aspect, in which each generation takes more out than it put in. Well, the Ponzi game will soon be over….
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Why does anyone bother reading this guy. He feels no compunction about making definitive claims in opposition to themselves depending on the party in power.
