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2020 Candidates Offer New Government Ponzi Schemes


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2020-candidates-offer-new-government-ponzi-schemes

2020 Candidates Offer New Government Ponzi Schemes

36 MIN AGOGary Galles

Seeing the Democrat debates has reminded Americans just how much of campaigning is promising something-for-next-to-nothing in attempts to buy electoral support. But when you think about historic Democrat bragging points, like Social Security and Medicare, that is not surprising. They have long been “something for you today partly at someone else’s expense tomorrow” programs. In other words, they have been partial Ponzi schemes from the beginning.

While there have been many attempts to deny and confuse voters about the Ponzi-ness of those Democratic signature programs, the reason they are partly Ponzi schemes is very simple. After Social Security’s creation, those in or near retirement at the time got benefits far exceeding their “contributions,” which lasted for very few years. Giving those “excess” benefits over costs to the start-up generation meant that those resources would have to come from later generations of “players,” just like Ponzi schemes  :snip: 

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