Tax Guru – Ker$tetter Letter

Rush Limbaugh justifiably went nuts discussing this ridiculous article in USA Today.

Is Social Security an investment Ponzi scheme?

This moron, Matt Krantz, and his consultants admit that the Social Security system is a failure, but they claim that it doesn’t meet the technical definition of a Ponzi Scheme.

“Social Security is not a Ponzi scheme because it wasn’t an intentional fraud, he says.”

This is insane.  Our rulers routinely set up programs that can’t possibly work out properly, knowing full well that they will be dead by the time the fraud is discovered. Social Security, Medicare, and ObamaCare are just a few of the many multi-trillion dollar boondoggles that cannot possibly work out as promised. 

Good intentions by big government liberals don’t mask the fact that their pie in the sky schemes are built on quicksand and doomed to fail.  I’d say that these are due to either fraud, incompetence or a combination of the two.  For the investors in these schemes (we taxpayers), we are stuck in exactly the same manner as with a private enterprise (Madoff, et al) Ponzi scheme.