That's an awful lot of instances of the word ponzi in one piece. You'd almost think you have a theory about the unsustainability of pension schemes based on num

That's an awful lot of instances of the word ponzi in one piece. You'd almost think you have a theory about the unsustainability of pension schemes based on numbers of future subscribers and workers. Anyway, worth bearing in mind state debt is really not segementable. There are remarkably few truly hypothicated taxes and while people talk as if pensions are paid for by contributions from workers it's a bit of a mis-truth. It helps define levels and its useful saving, and its mandatory. The actual cost of pensions is consolidated debt, ignoring the private superannuation investment model, which runs alongside. Don't worry, most economies wind up replacing the birth deficit with immigration.