> Efficiency for whom?
For the participants. Out of every dollar paid in by contributors, more than 99 cents ends up in a recipients pocket.
> Efficiency is a word used to describe economic systems, i.e. it's efficient if it
> continues to make (more and more) money.
Not really. A system, economic or otherwise, is efficient if the ratio of output to input is high. Wall Street defines output as profit. I didn't.
> Public sector efficiency should be based on adequate
> delivery of services, regardless of cost.
Absolutely not. Public sector efficiency should be measured as effect on general welfare relative to cost.
> The idea that socialised services should conform to private
> sector benchmarks, SET by the private sector, is ridiculous.
>
You misunderstood. In fact, my definition of efficiency in this case is the exact opposite from private sector benchmarks of insurance efficiency. For Wall Street, the lower the amount paid in claims relative to premium income, the more "efficient" the insurer is. By this benchmark, Social Security is an absolute disaster. That's why it's so efficient, socially speaking.
> Jess
-- Enrique Diaz-Alvarez Office # (607) 255 5034 Electrical Engineering Home # (607) 758 8962 112 Phillips Hall Fax # (607) 255 4565 Cornell University mailto:enrique at ee.cornell.edu Ithaca, NY 14853 http://peta.ee.cornell.edu/~enrique