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Free Citizen

This writer espouses individual liberty, free markets, and limited government.

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Location: Jackson, Mississippi, United States

Friday, February 22, 2008

The Biggest Ponzi Scheme In History

"How could the Founders and Framers of our Constitution have been so short-sighted in not providing for all our retirement benefits? Why, there is not a single word on it in the Constitution or the Federalist Papers. Maybe the Anti-Federalists mentioned it? How could they have been so uniformly financially inept that they didn’t even realize how desperately we needed income taxes, paper money and standing armies?"

by Bill Huff

Some time ago I visited the Social Security Website just to see what was going on in their little socialistic heads, and came across an "explanation" of how Social Security was NOT a "Ponzi Scheme," embellished with some of the most convoluted govspeak one could ever imagine.

It seemed to be written by a true believer. But as I read it again and again I was impressed with how they were inadvertently making the case for the opposition. The more I read it, the more I wanted every American to read it – and think about it. I shared it with a few friends and they all agreed. The Social Security Administration was exposing itself as a Ponzi Scheme – albeit a really Huge Ponzi Scheme. At the bottom their "explanation" proved nothing more than that their Ponzi Scheme was quite legit simply because it had the sanction of government.

The government robs Peter to pay Paul to sustain social security. This is not really disputed. It is just euphemized ad nauseam. Lawfully speaking you give them written permission to rob you to pay Paul. Of course you are not allowed to do anything like robbing Peter on your own behalf, because that would be a crime. But Socialism is a criminal system of economics. The sanction of government does not render a crime victimless or without culpability. It can sometimes mask the crime and delay the results. But sooner or later it’s Judgment Day!

Once again we refer to [Frederic] Bastiat:

"But how is this legal plunder to be identified? Quite simply. See if the law takes from some persons what belongs to them, and gives it to other persons to whom it does not belong. See if the law benefits one citizen at the expense of another by doing what the citizen himself cannot do without committing a crime.

"Then abolish this law without delay, for it is not only an evil itself, but also it is a fertile source for further evils because it invites reprisals. If such a law – which may be an isolated case – is not abolished immediately, it will spread, multiply, and develop into a system [Social Security is a government institution but that cannot make it lawful]." – From The Law by Frédéric Bastiat

The reason this article is not a letter addressed to the Social Security Administration is that...Read more>>>

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