Comet Calendar Event Details

Is Social Insurance a Ponzi Scheme?
Friday, May 3, 2013
(2 p.m. - 3 p.m.)
Location:
Please note the new location is FO 2.702
Contact Info:
Dr. Pankaj Choudhary
972-883-4436
Questions? Email me.

This week's Mathematical Sciences Department colloquium is given by Douglas Eckley, PhD., FSA, CPA, Independent Consultant  and Adjunct Professor at Northern Virginia Community College, Alexandria, VA.

In the 1920s, Charles Ponzi thought he had an arbitrage opportunity involving the Italian and American postal systems. He was wrong. But he told everyone that his scheme was working. When new investors came in, he used their money to pay back the earlier investors. Eventually, he did not have enough new investors to pay back old investors, and his scheme fell apart.

Today, we have from the website of the Social Security Administration: “It would be most accurate to describe Social Security as a transfer payment--transferring income from the generation of workers to the generation of retirees--with the promise that when current workers retire, there will be another generation of workers behind them who will be the source of their Social Security retirement payments.”

Coffee will be served in FO 2.610F at  1:30 PM.

 

Please visit our webpage at http://www.utdallas.edu/math/news/ for up-to-date colloquia information.



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