"The principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale." --Thomas Jefferson

Wednesday, January 7

Ponzi

What an apt comparison! I laughed as I read this realizing how true it really is.

"Bernard Madoff, who stands accused of bilking sophisticated investors out of $50 billion, is reported to have told two of his executives that his business was 'a giant Ponzi scheme.' Politicians go on and on about Wall Street 'greed' and 'irresponsibility.' But Madoff's scam was small compared to Ponzi schemes the government itself runs: Social Security and Medicare. In reality, our money, rather than being invested and kept in an actual 'trust fund,' is immediately given to current retirees in Social Security benefits or to their healthcare providers in Medicare benefits. The government's promise to pay for your retirement pension and medical care is just a promise. And a lie." --John Stossel

1 comment:

Erin said...

i'll be jiggered. he's right. stossel for president.