Tuesday, February 07, 2006

New DC Paper Descibes Ponzi Scheme

Reposted as history. Originally posted in February of 2005.

Social Security Robs Future To Pay For Past
Editorial Tuesday - February 1, 2005 - The Examiner

Seventy years ago, the United States was in an economic crisis and needed to simultaneously inject cash into our ailing economy while protecting the elderly who had been hurt most by the Great Depression. Franklin Roosevelt, just like too many of today's politicians, wanted to offer his supporters something for nothing, so he mortgaged the retirement of future workers to shower benefits on his political supporters.

For some reason, an all-too-typical act of political cowardice is seen today as an act of great political courage -- a wonderful New Deal for us all.

We live in the 21st century and now the New Deal bill is coming due.

There is a new paper in Washington DC, "The Examiner". Like most papers started in the last 40 years, it is intended to offer a choice of political discourse in a market dominated by the liberal paper of the area, in this case the Washington Post.

It is not surprising that one of their first editorials, excerpted above, is modern criciticism of a traditional hero of the left. Franklin D. Roosevelt is getting more and more bad press for the Ponzi scheme for which he is most noted.

Recently Dutch Martin reviewed Jim Powell's new book "FDR's Folly", summarizing the intellectual case against Roosevelt . Powell explains that Roosevlet, far from ending the depression, prolonged and deepened it, damaging the nation and its people by the way he handled it. Powell's is a book that every American should read.

In their editorial on Social Security, "The Examiner" describes the basics of the Social Security scam and the clear inability to sustain the "rob from the young to pay the old" premise on which it is based. Since continuing Social Security as it is can tear this nation apart and create class warfare, I do not see how fixing it cannot be considered a crisis.


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