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Musk Claims Social Security is a Ponzi Scheme!
The Twitter <deleted> claims Social Security is a Ponzi scheme because the money paid in by current workers is immediately used to fund benefits for retirees. But a Ponzi scheme is something very specific. In a Ponzi scheme, there is no real investment. Investor #1 puts in a million dollars, thinking it’s going into a legitimate fund. But instead, the people running the scheme simply take the money. Then Investor #2 comes in with $2 million, and when Investor #1 wants to cash out, their supposed “earnings” come from Investor #2’s money. There’s no actual underlying investment, and eventually, the whole thing collapses when there aren’t enough new investors to keep paying out returns. That’s a Ponzi scheme. It’s a very defined type of scam. Social Security, on the other hand, is a pay-as-you-go system. That’s what Elaine is trying to get at, but he’s misrepresenting it. Current workers pay into it, and that money funds benefits for current retirees. It’s not designed to generate profits, and it’s backed by the full faith and credit of the U.S. government, which has the authority to tax and borrow. It’s no secret that Social Security operates this way. The system is meant to be self-sustaining over time. However, the challenge is that as more people retire, the ratio of workers to retirees decreases. If nothing is done, the Social Security Trust Fund would be depleted by the mid-2030s. But even in that scenario, Social Security wouldn’t collapse. It would still be able to pay out about 75 to 80 percent of scheduled benefits. That’s not a Ponzi scheme falling apart, that’s a projected shortfall that can be addressed with policy adjustments. There are multiple ways to fix it such as raising the payroll tax cap slightly is one example. A few small tweaks, and the issue is resolved. So no, Social Security is not a Ponzi scheme. It’s simply a structured system that needs adjustments due to demographic shifts, not the financial house of cards Muskrat is making it out to be. -
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US Halts Military Aid to Ukraine Amid Push for Peace Talks
Nah it's not their job to play nice. Stop the waste, help end the war. Z is a clown. -
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China's Condo Craze Cools as Economic Woes Hit Thailand
Way too many condos being built and the Thai government making it difficult in every aspect doesn’t help. New taxes, laws and regulations will be another shot in their foot. Thailand only reacts to situations, it never thinks of ahead. Nothing new. When the economy collapses then they will try to find a solution, but for now better to blame anyone but themselves. -
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Should I stay ou should I go? (Pattaya, Phuket)
Where to stay as retired in Thailand widely depends on personal lifestyle, eventual having a Thai spouse, and budget. Visit as many places as possible of interest, before you decide where to settle. Tourist places can have numerous advantages that you don't find in more rural areas, as well as disadvantages, all depending on individual life-style. You might even find that you wish to live another life-style when staying permanently in Thailand, than the lifestyle you had before, or expected to have when you retire here. There is a huge difference from looking around and checking areas as tourist and with the intention of living there on permanent basis. Hospital and shopping, transportation and even school, if you are having or planning children in the household, can be important issues. Also costs of either renting or buying a proper home. And especially checking different seasons, like hot period, rainy season and winter, if you look at places up north. Try to stay in places of interest for some days, or a week, during, in each period. When I first vistited Thailand – it was back in 1987 – I fell in love with Chiang Mai and had a feeling like that here I could live, perhaps sometime in the future. 18 years later I settled permanently in Thailand on early retirement – to enjoy my life, while stil.l able to do such thing – and I decided instead to stay on a southern island instead. Today I'm happy that I didn't decide for Chiang Mai – or any other place in Thailand – it's a personal choice, and we are all different. I mention this to be aware of that places change over time, even 13 years from 2012 can make a difference – in some places a huge difference – which m ight both be to the better or worse. It is also based on staying there as a resident instead of a turist's view, and of course depending on individual preferences. You might not like the same as me, so I shall not say that you of course shall settle the best place of all, namely where I stay...😀 -
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Feedback from Declaring Income for Thai Tax Year 2024 at Udonthani Tax Office
Thanks Per, very good info (especially for me :))- 1
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