It's a Ponzi scheme, but what makes it unjust? It's the circle of life, man. Your parents took care of you, and at the other end of the cycle you take care of them.
This describes retirement in general, which I have no issue with, not social security.
The unjust aspect is that you have no control over the future productivity of younger generations, which provides for your retirement. As an extreme example, how do you think China's population is going to deal with retirement once the full effect of the one-child takes effect on Chinese retirees? They didn't set that policy, but their retirement will suffer from it.
My contention is that a person's retirement should be proportional to their own life's productivity, which it is if you have built sufficient invesments and assets by your old age. I'd just prefer that governments not make promises to entire generations they can't ultimately keep.
This describes retirement in general, which I have no issue with, not social security.
The unjust aspect is that you have no control over the future productivity of younger generations, which provides for your retirement. As an extreme example, how do you think China's population is going to deal with retirement once the full effect of the one-child takes effect on Chinese retirees? They didn't set that policy, but their retirement will suffer from it.
My contention is that a person's retirement should be proportional to their own life's productivity, which it is if you have built sufficient invesments and assets by your old age. I'd just prefer that governments not make promises to entire generations they can't ultimately keep.