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Social Security: Worse Than a Ponzi Scheme?

John on September 19, 2011 at 11:14 am

Hat tip to Monty at Ace’s for this column. Here’s a highlight:

As Robert Samuelson recently observed, “In 1960, national defense was the government’s main job; it constituted 52 percent of federal outlays. In 2011–even with two wars–it is 20 percent and falling. Meanwhile, Social Security, Medicare, Medicaid and other retiree programs constitute roughly half of non-interest federal spending.” The dominant business of the federal government used to be protecting our lives and property. Now the federal government’s main job is sending checks to people who don’t work.

Eventually you run out of other people’s money.

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