I was wrong yesterday when I said Social Security was akin to a Ponzi scheme.
It’s worse, as aptly demonstrated in this cartoon.
And let’s not forget the famous Bernie Madoff cartoon.
(h/t: Steve Horwitz)
-
Recent Posts
Pages
Visitors (beginning December 23, 2010)
Tags
Archives
- May 2013
- April 2013
- March 2013
- February 2013
- January 2013
- December 2012
- November 2012
- October 2012
- September 2012
- August 2012
- July 2012
- June 2012
- May 2012
- April 2012
- March 2012
- February 2012
- January 2012
- December 2011
- November 2011
- October 2011
- September 2011
- August 2011
- July 2011
- June 2011
- May 2011
- April 2011
- March 2011
- February 2011
- January 2011
- December 2010
- November 2010
- October 2010
- September 2010
- August 2010
- July 2010
- June 2010
- May 2010
- April 2010
- March 2010
- February 2010
- January 2010
- December 2009
- November 2009
- October 2009
- September 2009
- August 2009
- July 2009
- June 2009
- May 2009
- April 2009
- March 2009
Recent Comments
Categories
- 2nd Amendment
- African-Americans
- Al Gore
- Alarmism
- Argentina
- Atlas Shrugged
- Australia
- Austrian Economics
- Ayn Rand
- Bailout
- Balanced Budget
- Barney Frank
- Baseball
- Bernanke
- Big business
- Big Government
- Bob Dole Award
- Boondoggle
- Brain drain
- Bulldogs
- Bureaucracy
- Bureaucrats
- Bush
- California
- Canada
- Capital Gains Tax
- cash for clunkers
- Cato Institute
- CBO
- Center for Freedom and Prosperity
- Central planning
- Centralization
- Charity
- Chile
- China
- Chris Christie
- Class warfare
- Climate change
- Clinton
- Cold War
- Collectivism
- Communism
- Competitiveness
- Congress
- Congressional Budget Office
- Constitution
- Corporate income tax
- Corporate tax
- Corruption
- Cost-Benefit Analysis
- Crime
- Cronyism
- Cuba
- Dan Hannan
- David Cameron
- Dawgs
- Death Tax
- Debt
- Deferral
- Deficit
- Delaware
- Democrats
- Dependency
- Deposit Insurance
- Discrimination
- Double Taxation
- Drug War
- Earmarks
- Easy money
- Economics
- Education
- Election
- Elitism
- Eminent Domain
- England
- Entitlements
- Environmentalism
- Estonia
- Euro
- Europe
- European Commission
- Executive pay
- Fair Tax
- Fannie Mae
- Fascism
- Fatal conceit
- Federal Reserve
- Federalism
- Financial Crisis
- Financial Privacy
- Finland
- Fiscal Crisis
- Fiscal Policy
- Flat Tax
- food nazi
- Food Stamps
- Foreign Aid
- Foreign Policy
- France
- Freddie Mac
- Free Markets
- Free Speech
- Free State Project
- Freedom
- Geithner
- General Motors
- Georgia
- Germany
- Gingrich
- Global Taxation
- Global warming
- Gordon Brown
- Government intervention
- Government Spending
- Government stupidity
- Government Thuggery
- Great Depression
- Greece
- Gross domestic product
- Gun control
- Harmonization
- Hayek
- Health Care
- Health Reform
- Higher Taxes
- Hong Kong
- Hoover
- Housing
- HUD
- Human Rights
- Humor
- Hypocrisy
- Iceland
- Illinois
- Immigration
- Income tax
- Inflation
- International bureaucracy
- International Criminal Court
- International Monetary Fund
- International Taxation
- Ireland
- IRS
- Italy
- Japan
- JCT
- Jobs
- John Stossel
- Joint Committee on Taxation
- Joker
- Jurisdictional Competition
- Kelo
- Keynes
- Keynesian
- KPMG
- Laffer Curve
- Lakers
- Leviathan
- Libertarianism
- Liberty
- Liechtenstein
- Lobbying
- Local government
- Marginal Tax Rate
- Media Bias
- Medicaid
- Medicare
- Migration
- Minimum Wage
- Mitchell's Golden Rule
- Mitchell's Law
- Monaco
- Monetary Policy
- Money Laundering
- Moral Hazard
- nanny state
- National Education Association
- National Sales Tax
- Netherlands
- New Jersey
- New York
- News Appearance
- North Korea
- Obama
- OECD
- Organization for Economic Cooperation and Development
- PATRIOT Act
- Patriotism
- Patriots
- Paul Ryan
- Paulson
- Pelosi
- Pets
- Philippines
- Podcast
- Political Correctness
- Political Humor
- Politicians
- Politics
- Polling Data
- Portugal
- Postal Service
- Poverty
- Price Controls
- Privacy
- Privatization
- Prohibition
- Property Rights
- Property Tax
- Prostitution
- Protectionism
- Public Opinion
- Race
- Rahn Curve
- Rand
- Rankings
- Reagan
- Recession
- Redistribution
- Regulation
- Republicans
- Roman Polanski
- Romney
- Roosevelt
- Russia
- Sales Tax
- Savings
- School Choice
- Singapore
- Sleaze
- Slovakia
- Snow
- Soccer
- Social Security
- Social Security Privatization
- Socialism
- Softball
- South Korea
- Sovereignty
- Spain
- Spending
- States
- Statism
- stimulus
- Subsidies
- Supercommittee
- Supply-side economics
- Supreme Court
- Swedem
- Switzerland
- Tax avoidance
- Tax Competition
- Tax Compliance
- Tax evasion
- Tax Harmonization
- Tax Haven
- Tax Increase
- Tax Reform
- Taxation
- Taxpayer Ripoff
- Tea Party
- Territorial Taxation
- Terrorism
- Texas
- Thanksgiving
- Third party payer
- Tobacco
- Tobin Tax
- Toilet Paper
- Trade
- TSA
- Uncategorized
- Underground Economy
- Unemployment
- Union Bosses
- United Kingdom
- United Nations
- United States
- Value-Added Tax
- VAT
- Video
- Vouchers
- Walter Williams
- Waste
- Weekly Economics Lesson
- Welfare
- Welfare State
- World Bank
- Worldwide Taxation
- Yankees
I think our goverment needs to get a grip on reality! My husband & I rely completely on social security,medicare & medicaid! He was paralyzed,from the chest down in a local hospital, because a surgeon made a “MISTAKE” when trying to repair the staph infection in his back! Because of this I can’t work because I’m his caretaker & must be at home with him. Otherwise he’ll be back in the nursing home & who’s going to pay for this? At over $5,000 a month,wouldn’t be long before we would both be homeless. My health is so worn down I don’t think I could hold down a job if I had to! I’m not eligible for any health ins. & we can’t afford it.
Rebecca if you need help, you’re obviously eligible for state assistance for food, medicine, housing, etc. – that’s what welfare is really for. Besides, in 20 years your kids won’t have any social security to draw on – what about them?
Did you sue the doctor for malpractice? I’d think the settlement would have been huge.
Good luck. I have End Stage Renal Disease and a fatal cancer in remission. Don’t know if I’ll make it another five years – it’s in God’s hands.
[...] A Few Random Morning Links … September 14, 2011By adminSocial Security is worse than a Ponzi scheme. In a Ponzi scheme you can at least opt-out. With SS you have a gun to your head. [...]
SS might work if we treat it like an insurance policy – everyone pays a little, most people get back nothing.
SS was never meant to be what it has become – when it was first started the average person died at 62 – now life expectancy is much higher than that. So it will go belly-up, it is just a numbers game. And like a ponsi-scheme when less comes in than goes out – it goes belly up. That is why people compare it to a Ponsi-scheme – but unlike a Ponsi-scheme we cannot opt out of it. The government has a gun to our head on this, and many other issues. I know that right now, I work much less than I could because I see no reason to pay more to the government – why save when they will take it either through inflation, or other tactics? It just isn’t in my best interest to work myself to death for others – so I will contribute less, and the whole thing will collapse faster.
That is the only way to ensure that eventually they will come up with something that works – when the entire system collapses and true capitalism and the prosperity it can bring is embraced. Everyone should work as long as they can – and they should have true nationwide insurance that true competition sets the rates for – rather than having state-by-state deciding who is the winner and who is the loser by who pays them off the most.
Obama listened to only the insurance companies when coming up with Obama-care – wanna know why? They are paying him and all the other politicians off, and you – the tax-payer will be left with nothing in the end other. SS is broke – the government took all of the extra and spent it – if there was a true saving bank, it would last another 30+ years, there isn’t. If they stop paying on SS – they have already defaulted since the replaced the extra money with bonds that are as worthless, as the word of any politician.
[...] that they withhold a large percentage of my income to give me Social Security benefits that I am certain to receive in old age. Or that they keep much of my money to support the thriving public schools. What would I [...]
[...] withhold a large percentage of my income to eventually give me Social Security benefits that I am certain to receive in old age. Or that they keep much of my money to support the thriving public schools. What would I [...]
[...] And I found this old item: Social Security is worse than a Ponzi scheme. In a Ponzi scheme you can at least opt-out. With SS you have a gun to your head. [...]
[...] If you need to be cheered up after reading this post, here’s a good cartoon showing the difference between Social Security and a Ponzi scheme, and here’s another cartoon showing what inspired Bernie Madoff to steal so much money. Rate [...]
[...] If you need to be cheered up after reading this post, here’s a good cartoon showing the difference between Social Security and a Ponzi scheme, and here’s another cartoon showing what inspired Bernie Madoff to steal so much [...]
[...] If you need to be cheered up after reading this post, here’s a good cartoon showing the difference between Social Security and a Ponzi scheme, and here’s another cartoon showing what inspired Bernie Madoff to steal so much [...]