Wednesday, November 4, 2009
ex opere operantis
With all of this talk about government budgets and how to make ends meet, I had an epiphany: The government should not have jailed Bernie Madoff; it should have hired him to run Social Security. Think about it, that is all Social Security really is, a humongous ponzi scheme, one that is sanctioned by our federal government. First, it takes money from one group to pay another. Second, it is a house of cards ready to fall at any moment. And that is just one federal program that moves large sums of money around. What better manager could there be than an accomplished multi-billion dollar criminal? He would probably run the Treasury better than the current administration. At least Madoff paid taxes on his legitimate gains.
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You make a great point here. I believe it was the Heritage Foundation that figured that even if you seized all the wealth of the top earners in this country that you still couldn't meet the current SS obligation. There is absolutely no way Social Security can continue as is.
ReplyDeleteThere are those cautioning that we are on the road to becoming a Banana Republic. I think we are more on the road to looking like what Iceland has become, which is even worse. Five years ago they were the envy of the world economy, the U.N. touted that they were a model for the rest of the civilized world. Nnow they can't even keep McDonald's open. That happens when your debt is 12 times your GDP.
These cradle to grave social programs are unsustainable in a country like the U.S. where the population is actually growing. Japan and most of Europe are in serious trouble, with taxes as high as they are and a shrinking tax base, they will either have to miraculously shrink services or go the way of Iceland and Argentina.