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Jim Cramer: Quote Factory

Found this one at Seeking Alpha’s roundup of Cramer’s latest rants:

Cramer’s Outrage: Social Insecurity
While the press is calling Benard Madoff’s scheme “the biggest Ponzi scheme in history,” Cramer says “Give me a break!” The biggest Ponzi scheme is not illegal, he explained, in fact it is run by the U.S. government. Social Security has the same setup as a Ponzi scheme. People who are currently working are paying for the retirement of the elderly now and hope they their children will be able to support them in old age. However, as in any scheme, those who get in early benefit, while those who get in last end up getting hosed. Experts are now saying Social Security will not be able to support the elderly by 2042, which means that people in their 20s are not going to reap the benefits of their labor.

I would note that people have been predicting the demise of Social Security pretty much from Day 1.

one comment | Permalink |
Tom Mangan posted at 10:02 am December 18th, 2008 |

One Response to 'Jim Cramer: Quote Factory'

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  1. Grafelfing says:

    SS is not a real big big problem. The fix will be to increase early retirement to 63 or 64, lower the early retirement benefit, range full retirement to 66, 67, 68 or higher, increase the taxability of proceeds and means test income… that’ll take it out to 2100, no problem… the train wreck that’s already in town and roaring down the track is Medicare and Medicaid. That problem is ugly, ugly being defined as social unrest. With medical costs consistently growing at 10% pa even in a deflationary economy, the solution is really ugly. Ultimately it will be a dumbing down (way down) of medical care for most of us. Even dumber than the care you can get today in Canada, Mexico and Europe,..e.g. Teddy Kennedy in Europe today would be told he can not enter the emergency room or the hospital. Too Fat and Too Old. Now if he’s got the money, (he does), he can go to a private clinic. And that’s what he did, he went to Duke!

    Permalink | Posted December 19th, 2008, at 5:49 am

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