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**priordine** · 12-21-2008, 08:17 PM

Chip Bok, The Akron (Ohio) Beacon-Journal

Bill Anderson writes:
While Madoff has managed to mangle at least $50 billion, there is another Ponzi scheme with trillions in unfunded liability: the U.S. Social Security System. No matter how many times Paul Krugman declares that SS is safe and sound, it is not.

Most people don't realize that SS actually is a "legal" Ponzi scheme, made legal because the government has declared it so. Nonetheless, the principle of SS is that of the chain letter in which people pay in, other receive the benefits, and it works only as long as others are there to pay in more money.

At the beginning, the ratio was about 20 payees to one person receiving benefits, but the numbers have changed to where it now is about 3 and 1. This is an ominous trend, and I suspect that in the end, the government will simply print the money, as it has done in other situations.

So, my recommendation is for Obama to appoint Madoff to head the SS Administration, as he already is experienced in putting together Ponzi payments.

12-21-2008, 08:17 PM	#11
priordine Join Date Oct 2005 Posts 346 Senior Member	Chip Bok, The Akron (Ohio) Beacon-Journal Bill Anderson writes: While Madoff has managed to mangle at least $50 billion, there is another Ponzi scheme with trillions in unfunded liability: the U.S. Social Security System. No matter how many times Paul Krugman declares that SS is safe and sound, it is not. Most people don't realize that SS actually is a "legal" Ponzi scheme, made legal because the government has declared it so. Nonetheless, the principle of SS is that of the chain letter in which people pay in, other receive the benefits, and it works only as long as others are there to pay in more money. At the beginning, the ratio was about 20 payees to one person receiving benefits, but the numbers have changed to where it now is about 3 and 1. This is an ominous trend, and I suspect that in the end, the government will simply print the money, as it has done in other situations. So, my recommendation is for Obama to appoint Madoff to head the SS Administration, as he already is experienced in putting together Ponzi payments.
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