"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

Monday, September 19, 2011

Ponzi? You wish!

Robert Tracinski has a powerful article up today arguing that Social Security is actually much worse than a Ponzi scheme (Rick Perry's description).   Here's the peroration of the piece, but read the whole thing:

[W]e have a system that is fraudulent and unsustainable in its design, which suppresses capital accumulation for individuals and economic growth for the economy as a whole, and which reduces a self-sufficient majority to supplicants of the state. The whole system is intellectually dishonest, economically destructive, and morally corrupting.

A mere Ponzi scheme? We should be so lucky.

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