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When you strip away the financial facade, what remains is current workers providing surplus output for retirees to consume.

• mikeash 12y ago
  That's true, but it's also true of any savings scheme, and any scheme where retirees exist, public or private.
  • kaonashi 12y ago
    Yes, the differences between them being how much they provision. Social Security allots more of the surplus to retirees than the previous status quo.