A Quote by Milton Friedman
The only reason there is a crisis about Social Security in the US and pensions in Europe and Japan is that you cannot maintain a "Ponzi" scheme indefinitely. We have collected from today's young to pay today's old and counted on tomorrow's young to keep doing so. That was a fine scheme as long as the number of young people was rising faster than old people. When that ratio comes to an end, such a system also has to end.
Related Quotes
The notion of ever more old people needing ever more young people, who will in turn grow old and need even more young people, and so on ad infinitum, is an obvious ecological Ponzi scheme.
Young people understand that there is not a Social Security trust fund. Social Security is a pay-as-you-go system, where today's millennials are paying for today's seniors.
The Republican candidates are talking about ways to transition this program and it is a monstrous lie. It is a ponzi scheme to tell our kids that are 25 or 30 years old today, you're paying into a program that's going to be there. Anybody that's for the status quo with Social Security today is involved with a monstrous lie to our kids, and it's not right.
When I was young, I despised old people. I was provincial and narrow-minded. It's the reason I stayed stupid so long. If you only get involved with young people you don't learn anything about the world.
We musn't forget old people with their rotten bodies, old people who are so close to death, something that young people don't want to think about. We musn't forget that our bodies decline, friends die, everyone forgets about us, and the end is solitude. Nor must we forget that these old people were young once, that a lifespan is pathetically short, that one day you're twenty and the next day you're eighty.
Youth is not entirely a time of life; it is a state of mind. Nobody grows old by merely living a number of years. People grow old by deserting their ideals. You are as young as your faith, as old as your doubts; as young as your self-confidence, as old as your fear; as young as your hope, as old as your despair.
Both [Nikola] Tesla and [Leon] Theremin were preternaturally young. I mean, for a long time Tesla was a young man well into his 70s. And so was Theremin, even though, at the end, he looked pretty old. But he was still doing things that young guys do, beyond the time you'd normally think people should be doing that stuff.
Young people, under the social contract, suggest a long term investment. What we have today is a government that believes that young people - since they are a long term investment - are a liability. This is system that only believes in short-term investments.
One thing that I'd just remind young people of is that when John Lewis, who's a member of Congress today, defied George Wallace and led the march from Selma to Montgomery, he was 23 years old. Martin Luther King was the old man in the bunch, and he was 35, so young people need to know that they've always been an important part of our society, have always been at the forefront of pushing for a more just America, and we can't be successful without the impatience, the vigor that young people bring to the fight for social justice.
Even very recently, the elders could say: 'You know, I have been young and you never have been old.' But today's young people can reply: 'You never have been young in the world I am young in, and you never can be.' ... the older generation will never see repeated in the lives of young people their own unprecedented experience of sequentially emerging change. This break between generations is wholly new: it is planetary and universal.
The reason Social Security is in big trouble is we don't have enough workers to support the retirees. Well, a third of all the young people in America are not in America today because of abortion, because one in three pregnancies end in abortion.
Social security isn’t a ponzi scheme. It’s not bankrupting us. It’s not an outrage. It is working.
If you, however, separate reason and faith so that it's purely a rationalistic scheme, it will end in violence. If a pure faith scheme - sometimes called the fundamentalist scheme in modern parlance - you'll end in violence too.
Nobody grows old merely by living a number of years. People grow old by deserting their ideals. Years wrinkle the skin, but giving up enthusiasm wrinkles the soul. Worry, doubt, self-distrust, fear and despair - these are the long years that bow the head and turn the growing spirit back to dust. You are as young as your faith and as old as your doubts; as young as you self-confidence, as old as your fear; as young as your hope, as old as your despair.
I do not believe that the Social Security system is in crisis. The Social Security Administration itself recently reported that the system is able to pay full benefits as they are defined today until at least 2042.
Suicide is what everyone young thinks they'll do before they get old. But they hardly ever get round to it. They just don't want to commit themselves in that way. When you're young and you look ahead, time ends in mist at twenty-five. 'Old won't happen to me', you say. But old does. Oh, old does. Old always gets you in the end.
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