Via Townhall, this is an entertaining exchange between CNBC’s Rick Santelli and Thomas Friedman of the New York Times, on the issue of whether or not Social Security is, in fact, a “Ponzi scheme.”
Of course, Social Security is very much like a Ponzi scheme, with at least one key difference: Participation is mandated by the government. So it’s even worse than a Ponzi scheme, actually. Not from the perspective of current recipients, of course. They’re getting real checks every month and couldn’t be happier with the program. Democrats know this and demagogue the issue accordingly. But anyone currently younger than age 50 or so is unlikely to collect the benefits they have been promised in return for paying into the system for decades. Social Security is already paying out more in benefits than it is taking in from tax revenue, and is expected to be completely bankrupt within 25 years. Apparently, this doesn’t bother Friedman too much.
Predictably, Santelli and Friedman end up calling each other idiots, but it’s pretty obvious who the real idiot is here.
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