4 ms·

> If the government decided to make Social Security a private corporation it could No, it couldn’t. There were promises made with the full faith and credit of t

> If the government decided to make Social Security a private corporation it could No, it couldn’t. There were promises made with the full faith and credit of the United Stares. I'm not a lawyer so I'll rephrase. In an alternate universe the U.S. government created a corporation to run Social Security. It mandated that people participate in it. Everyone called it a pension system because that it what it is. Congress can amend them at will. All pension systems are subject to amendment. Many pension systems have been amended over the years.

JumpCrisscross 2y ago
> In an alternate universe the U.S. government created a corporation to run Social Security. It mandated that people participate in it. Everyone called it a pension system because that it what it is If the U.S. then explicitly guaranteed that corporation's liabilities, sure. > All pension systems are subject to amendment. Many pension systems have been amended over the years No. Many state legislatures, for instance, are constitutionally prohibited from fucking with certain obligations, commonly pensions.
- blackeyeblitzar 2y ago
  > Many state legislatures, for instance, are constitutionally prohibited from fucking with certain obligations, commonly pensions. Which is a serious problem. The entire idea of a truly guaranteed pension is not feasible and always leads to a pyramid scheme and then insolvency.
  - JumpCrisscross 2y ago
    > entire idea of a truly guaranteed pension is not feasible and always leads to a pyramid scheme and then insolvency Sure. But the point of full faith and credit is it's irreversible. (Actually, the point of credit, period. You can't declare your past debts pyramid schemes and unilaterally absolve yourself of them.)
    - science4sail 2y ago
      Irreversibly, like all political concepts, is a fiction that humans choose to believe in rather than a law of physics. If social security became insolvent while the US was distracted by some other future national crisis, I'm certain that the people of the future would find a way to cut the pension while staying within the letter of the law (probably via inflation or https://www.youtube.com/watch?v=TRgRz3nSG7o https://www.youtube.com/watch?v=TRgRz3nSG7o).

JumpCrisscross 2y ago

> In an alternate universe the U.S. government created a corporation to run Social Security. It mandated that people participate in it. Everyone called it a pension system because that it what it is If the U.S. then explicitly guaranteed that corporation's liabilities, sure. > All pension systems are subject to amendment. Many pension systems have been amended over the years No. Many state legislatures, for instance, are constitutionally prohibited from fucking with certain obligations, commonly pensions.

blackeyeblitzar 2y ago
> Many state legislatures, for instance, are constitutionally prohibited from fucking with certain obligations, commonly pensions. Which is a serious problem. The entire idea of a truly guaranteed pension is not feasible and always leads to a pyramid scheme and then insolvency.
- JumpCrisscross 2y ago
  > entire idea of a truly guaranteed pension is not feasible and always leads to a pyramid scheme and then insolvency Sure. But the point of full faith and credit is it's irreversible. (Actually, the point of credit, period. You can't declare your past debts pyramid schemes and unilaterally absolve yourself of them.)
  - science4sail 2y ago
    Irreversibly, like all political concepts, is a fiction that humans choose to believe in rather than a law of physics. If social security became insolvent while the US was distracted by some other future national crisis, I'm certain that the people of the future would find a way to cut the pension while staying within the letter of the law (probably via inflation or https://www.youtube.com/watch?v=TRgRz3nSG7o https://www.youtube.com/watch?v=TRgRz3nSG7o).