ECONOMICS: 70 Everyday Scams — I’m not sure I agree with #64

Social Issues
70 Everyday Scams That Are Likely To Stick Around Forever, As Shared By People Online Interview

Jonas Grinevičius and Ieva Pečiulytė

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The sign of a ‘good’ scam is that someone manages to weasel away your hard-earned cash from your wallet and you’re left devastated. The sign of a great scam, however, is when the victim doesn’t even realize they’ve been swindled. Instead, they sit there with huge smiles on their faces, marveling at what a great deal they just got. All the while, someone’s laughing behind their backs.

Meanwhile, some things have become so ingrained into society that some folks don’t even stop to think whether their money would better be spent elsewhere. Redditor u/efd71f03 sparked an interesting thread after asking the internet about what people “refuse to view” as scams because they’ve been a part of the culture for so long. From engagement rings to Ticketmaster fees, scroll down to check out their most interesting insights. Bored Panda reached out to the author of the thread, u/efd71f03, and they were kind enough to share their thoughts on culturally-embedded scams with us. Read on to see what they had to say.

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Buying life insurance when you’re not married and don’t have dependents. Stupidest decision you can make as a 20 year old early on life. What a waste of money and payments going down the drain year old early on life. What a waste of money and payments going down the drain

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Not so sure I agree with that:  (1) a healthy 20 year old is insurable; an unhealthy 21 year old can be uninsurable; (2) There is a concept about buying while life insurance and using it like your personal bank; if I did it when I was younger, it would have made sense. (3) health and life insurance are transferring risk for catastrophic expenses; risks can be taken if done intelligently.

Not on the list but my personal favorite Ponzi scam is “social security”.

“Social Security Insurance”, (note the word insurance — even though it bears no resemblance to real world insurance), is a de jure Ponzi scheme paying current takers from current workers. What could go wrong with that (i.e., scope creep; aging population; longevity discoveries; political corruption; moral hazard). And, de facto, a wealth transfer from poor minority men to rich white women. All set up, by the D’s to create another permanent class of dependent voters (i.e., the third rail of politics). Also, it’s a “political axiom” that one someone gets a “benefit” it can never be taken away. Argh! What a load of “barbara streisand” aka <synonym for excrement>! Argh! Argh!



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