this post was submitted on 10 Aug 2023
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I argue insurance in and of itself is no ponzi scheme. Working together is the basis of all civilisation. Trying to make a business out of a social service however ... that's rife for abuse, yes.
Depends on how you define a Ponzi scheme. Personally I define it as pay us money in return for a service, then run with the money or come up with ways to deny that service, once again keeping the money or as much as possible by telling businesses how much they can charge for their services.
If I ran my own company, I would be damned if someone is going to dictate my prices to help their bottom line.
IMHO, that is what has caused health care cost to be untenable for someone who cannot afford health insurance or makes like $3 too much to qualify for the likes of Medicaid.
Ponzi schemes actually already have a clear definition, and what you're describing isn't actually a Ponzi scheme