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Old 08-25-2017, 04:30 PM
 
Location: Proxima Centauri
3,754 posts, read 1,591,896 times
Reputation: 4147

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Anyone who will someday rely on Social Security should start using a stronger name to identify it. Calling Social Security our National Pension is a much stronger way to refer to it.

To some extent calling SS a National Pension takes the wind out of the sails of those who call it a ponzi scheme. Everyone understands what a pension is right. Pensions are viewed as obligations. SS takes into account how much you pay into it for a certain minimum number of years just like a corporate pension. It is a national pension.

National pension, pass it on.
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Old 08-26-2017, 09:59 AM
 
Location: Close to an earthquake
890 posts, read 626,278 times
Reputation: 2384
A decent suggestion. What do you suggest be called the benefits received by those who did not earn a pension?
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Old 08-26-2017, 10:45 AM
 
Location: The Triad (NC)
26,837 posts, read 57,830,396 times
Reputation: 29220
Quote:
Originally Posted by Tonyafd View Post
Anyone who will someday rely on Social Security should start using a stronger name to identify it.
How about calling it what it is? Insurance SSI

More emphasis on what the I means is clearly warranted ...
but The Old-Age and Survivors Insurance Trust Fund is cumbersome

Quote:
To some extent calling SS a National Pension...
To any extent... that term is wrong. Factually incorrect.
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Old 08-26-2017, 11:31 AM
 
Location: Vallejo
13,437 posts, read 15,036,253 times
Reputation: 11924
Quote:
Originally Posted by Tonyafd View Post
Anyone who will someday rely on Social Security should start using a stronger name to identify it. Calling Social Security our National Pension is a much stronger way to refer to it.

To some extent calling SS a National Pension takes the wind out of the sails of those who call it a ponzi scheme. Everyone understands what a pension is right. Pensions are viewed as obligations. SS takes into account how much you pay into it for a certain minimum number of years just like a corporate pension. It is a national pension.

National pension, pass it on.
1) It's not a pension.
2) There's no obligation.

You could name part of it a national pension plan. The problem though, as you point out, is pension pan implies an obligation that isn't there.
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Old 08-26-2017, 11:40 AM
 
Location: State of Transition
72,659 posts, read 64,111,757 times
Reputation: 68406
Quote:
Originally Posted by Tonyafd View Post
Anyone who will someday rely on Social Security should start using a stronger name to identify it. Calling Social Security our National Pension is a much stronger way to refer to it.

To some extent calling SS a National Pension takes the wind out of the sails of those who call it a ponzi scheme. Everyone understands what a pension is right. Pensions are viewed as obligations. SS takes into account how much you pay into it for a certain minimum number of years just like a corporate pension. It is a national pension.

National pension, pass it on.
It's not a pension. It was never intended to be a pension. It's a pretty pathetic one, if that's the way you want to characterize it. It was originally conceived as minimal assistance so people wouldn't go hungry. At least they could buy food. It was a reaction to the conditions of the Depression.
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Old 08-26-2017, 12:16 PM
 
Location: Fuquay Varina
4,236 posts, read 6,186,939 times
Reputation: 10090
I grew up very poor. When my dad died my mom got Social Security for me and my sister. It certainly wasn't a pension for us at 14 and 10 lol
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Old 08-26-2017, 12:51 PM
Status: "Living the good retired life." (set 26 days ago)
 
Location: Wasilla, AK
5,859 posts, read 3,139,843 times
Reputation: 11824
Quote:
Originally Posted by Tonyafd View Post
Anyone who will someday rely on Social Security should start using a stronger name to identify it. Calling Social Security our National Pension is a much stronger way to refer to it.

To some extent calling SS a National Pension takes the wind out of the sails of those who call it a ponzi scheme. Everyone understands what a pension is right. Pensions are viewed as obligations. SS takes into account how much you pay into it for a certain minimum number of years just like a corporate pension. It is a national pension.

National pension, pass it on.
Funny you should mention Ponzi scheme, because the first thing I thought of when I saw the title of your thread was that "Ponzi Scheme" should be part of any new name! SS worked in the beginning because you had 10 workers for every recipient and the average life expectancy was close to the age when you could draw SS. Now it's down to about three workers for every recipient and it's headed down to two workers for every recipient in the future. With life expectancy much higher and not enough contributors, the effect is the same as a Ponzi scheme and the whole thing will eventually collapse or pay out reduced benefits until it collapses.
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Old 08-26-2017, 01:09 PM
DKM
 
Location: Thousand Oaks, CA
2,060 posts, read 670,106 times
Reputation: 2215
Its a ponzi scheme because the current recipients (who voted in the plan to provide them these benefits) are getting far more in than they paid their share for. Current workers are handing over a bigger chunk of money and won't get the same benefits.
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Old 08-26-2017, 01:23 PM
 
17,612 posts, read 12,197,156 times
Reputation: 12826
When people call it a Ponzi scheme it shows two things, they don't understand what SS is nor do they know what Ponzi scheme means

Last edited by Lowexpectations; 08-26-2017 at 01:40 PM..
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Old 08-26-2017, 01:37 PM
 
Location: Fairfax County, VA
1,387 posts, read 600,855 times
Reputation: 2723
SSI = Supplemental Security Income. It serves the indigent elderly and disabled. It is a separate program from Social Security. The latter is nothing like a Ponzi scheme. Not even close.
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