Lesson 48 Public Policy Issues
Social Security
In a Ponzi scheme, money is shuffled to a few “winners” from early “investors,” who in turn will be paid off by later investors—that is, until the whole scheme collapses under its own weight. There is no real business. As long as enough new money can be attracted, all is well. But, eventually, the scheme runs through the supply of gullible new investors, and the predictable meltdown occurs. Substitute “beneficiaries” for “winners” and “taxpayers” for “investors,” and you have Social Security.
There is not one single penny in the Social Security trust fund. The government simply steals the surplus intended for other purposes. When the surplus disappears, the shortfall will have to come ...
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