Wednesday, January 07, 2009

Ponzi Schme Extraordinaire: Social Security

The Bernie Madoff Ponzi scheme has dominated the financial pages for a few weeks now. I find it ironic that the federal government is outraged at the crime and the damage it has caused. While at the same time, the federal government continues to allow the largest Ponzi scheme the world has ever know to perpetuate.

With next year's federal budget deficit eying $1.2 trillion, even without the new stimulus spending, is there any hope that the Social Security Ponzi scheme will continue beyond the next few years?

Obama claims that his administration is
"committed to changing the way our government in Washington does business so that we're no longer squandering billions of tax dollars on programs that have outlived their usefulness or exist solely because of the power of a lobbyist or an interest group,"
Time will tell. But the premise behind the SS program is that the young pay for the old. With fewer young and more elderly, the premise does not work.


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