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The ‘Ponzi’ Sound Bite – Thomas Sowell

09/20/2011

Many in the media and in politics have gone ballistic over the fact that Texas Governor Rick Perry called Social Security “a Ponzi scheme.”

Although many act shocked, shocked, as if Rick Perry had said something unthinkable, Governor Perry is not even among the first thousand people to call Social Security a Ponzi scheme. Not only conservatives, but even some liberals, have been calling Social Security a Ponzi scheme for decades.

Moreover, neither the media nor the politicians who are carrying on over the use of the words “Ponzi scheme” show the slightest interest in any hard facts that would tell us whether Social Security is or is not a Ponzi scheme. It is a “gotcha” moment, and that is apparently what some people live for.

What makes this nonsense become fraud is the insinuation that calling Social Security a Ponzi scheme means advocating that people who are depending on Social Security be abandoned and left with nothing to live on in their retirement years. That is the big scare — and the big lie.  […]

Continue reading at Townhall.

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