Reply #22: What "Gigantic Pot of Money"??????

[ThomasJackson]

Clearly, Nordic does not understand how SSI works. THere is no Giant Pot of Money. The money you pay in today gets paid OUT TODAY as benefits. Thats how the program has ALWAYS worked!!!!! People, especially politicians, talk about it like the SOCIAL SECURITY TRUST FUND is some gazillion dollar account at Citibank .... but the reality is that there is NO MONEY. THERE NEVER WAS!!!!

The first person to collect benefits - some woman in Maine - received over $22,000 in benefits but pais in only 20 or 30 dollars. My contributions withheld from my check this month, go towards my Mom's SSI check THIS month.

To use the economist's term, SSI is an "intergenerational transfer"