According to BusinessWeek’s Michael Mandel (Is Social Security a Ponzi Scheme?), Social Security has all the characteristics of a Ponzi scheme – except that we can count on harnessing the free dividends produced by inventors of future productivity-increasing technology, thereby extending its sustainability indefinitely and … insert random leap of logic here … magically converting […]
Libertarian candidate for President Bob Barr released a position paper on Social Security the other day that, frankly, is very disappointing. His proposal is a half-measure that fails to allow most people to opt out and suffers from a terrible case of doublethink. We need to end Social Security – in our lifetime – without leaving either senior citizens or working taxpayers in the lurch.