Social Security is a Ponzi scheme every conservative yells. It won't be there for you. Promises have been made that won't be kept, says Eric Cantor.
Its not that the conservatives believe this. Its that they want to make it true.
Social security has a 2.7 billion dollar trust fund. Bush went on tv and riffled the Treasury Bill stack, all the while cooing "its only paper... its only paper. See, its not really here.
The Post Office is also on the verge of failure. But did you know that the Post Office has to pre-pay its medical insurance and retirement costs... wait for it... seventy five years in advance! In other words, the Post Office has been saving up for worker expenses for workers who haven't even been born yet!
So what happens in a Ponzi scheme? The initial investors get paid out from the newer investors coming in. It all looks successful. But to make it a true Ponzi scheme ( and here is where Bernie Maddof blew it... ) you have to close down the scam and grab the money and run.
Otherwise, a continually growing, expanding investment that continues to pay out profits isn't a Ponzi scheme.
But that's the plan. Grab the money and run. Don't pay out the Social Security Trust Fund. Don't pay the retirement costs of postal workers.
Grab the money and run.
Then it really, really, really was a Ponzi scheme.
(Was Regan in on it ?)