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View Diary: WI-Sen: Social Security is a Ponzi Scheme (166 comments)

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  •  Insurance is based on predictability (1+ / 0-)
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    Calamity Jean

    Everything that people can buy insurance for is predictable.

    Old age and death is as predictable as you say. It's as predictable as, well, old age and death.

    Almost as predictable as car accidents, health failures, destruction of homes, and, hell, even plane crashes; but, agreed, life and death are the most easily predicted.  All the more reason why life can be, and is, reliably insured, not just by social security as far into the future as any of our lives are long, but by an enormously profitable private life insurance industry.

    If the insurance industry wasn't able to quantify events that the ignorant believe to be rare and unpredictable, private companies wouldn't sell insurance. Insurance companies are in business because they know how to quantify risk of loss. There's no reason why America can't use that same knowledge to provide a good life for those in retirement. Facts matter.

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