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From: renner@uiucdcs.UUCP (renner )
Newsgroups: net.politics
Subject: Re: re: Re: giveaways - (nf)
Message-ID: <6583@uiucdcs.UUCP>
Date: Tue, 3-Apr-84 22:36:35 EST
Article-I.D.: uiucdcs.6583
Posted: Tue Apr  3 22:36:35 1984
Date-Received: Sat, 7-Apr-84 01:35:24 EST
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#R:ucbtopaz:-43200:uiucdcs:29200117:000:810
uiucdcs!renner    Apr  3 17:46:00 1984

Tim Sevener has apparently swallowed the fiction that Social Security is a
pension system.  In a old-age pension system, your contributions are 
*invested* so that your money, plus interest, will be available to support
you in your old age.  In the SS system your "contributions" are immediately
handed out to others; this is an income-transfer program, not a pension
program.  SS taxes fund a government welfare program for old people and
surviving dependents.  Because of this, they should be counted in the 
revenue base just as personal and corporate income taxes do.

Any pension system run with the creative bookeeping methods used by the SS
administration would be shut down and the directors would face criminal
penalties.  It's called a "pyramid scheme."  

Scott Renner
{ihnp4,pur-ee}!uiucdcs!renner