"It profits me but little that a vigilant authority always protects the tranquillity of my pleasures and constantly averts all dangers from my path, without my care or concern, if this same authority is the absolute master of my liberty and my life."

--Alexis de Tocqueville, Democracy in America

Wednesday, August 31, 2011

Social Security as a Ponzi Scheme

Veronica de Rugy in NRO has this funny Venn diagram comparing Bernie Madoff's Ponzi scheme to the federal government's Social Security program:

The only difference to me (but it's a big one) is that the victims of Madoff's fraud did not know it was a fraud until the end.   But we've all known all along that Social Security is a Ponzi scheme -- that the "trust fund" or "lockbox" is filled with nothing but our own IOUs to ourselves, payable by our future, our children and grandchildren and great grandchildren.   We are all co-conspirators in this conspiracy to defraud generations of Americans yet to be born.

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