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Wednesday, July 08, 2009

The U. S. government's Madoff scheme

A large working class can support a relatively small retired class, especially when life expectancy is 61 years and benefits don't begin until 65. That's how things were in the early years of Social Security. But when life expectancy grows to 80 and a large generational group -- the baby boomers -- retires expecting to be supported by a far smaller working class, that's trouble. . . .

If Bernie Madoff tried to foist Social Security and Medicare on us, he'd be arrested, prosecuted and thrown in the hoosegow.

There's one thing I can say on behalf of Madoff: He never forced anyone to participate in his scheme. That's more than I can say for the government. Through taxation and inflation, it forces us to pay for all its schemes.
-- from "Madoff Is a Piker" by John Stossel

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