Bernard Madoff has admitted perpetrating a Ponzi scheme and defrauding countless investors and retirees. Wikipedia defines a Ponzi scheme as a fraudulent investment operation that involves paying returns to investors out of money paid in by subsequent investors, rather than from the profit from any real business. In fact, it is the same scheme politicians have used to deceive and exploit the American people for over 70 years. However, instead of being indicted for fraud, they have been re-elected repeatedly and even praised for their “compassion”.
The government calls its program “Social Security” hoping we won’t notice it is a Ponzi scheme. The government produces nothing so whatever it promises, it must take from someone else. This has spawned the myth of “entitlement” and the delusion that we can all live at the expense of everybody else. Consider the facts: in 1950, 16 workers provided benefits for each retiree. In 1996, the ratio was 3.3 to 1 and the projection for 2030 is less than 2 to 1; and there is no fund for savings and investments. If Social Security taxes and payments were not compulsory, who in their right mind would participate? At least Mr. Madoff’s clients were free to opt out.
When will the American people wake up and realize they have been duped and compelled to participate in a Ponzi scheme far greater in scope than even Bernard Madoff ever envisioned? And does anybody know who is going to bail us out?