Ponzi Schemes and Prophecy
…d hit 36,000) opined that Social Security was like a “Ponzi scheme” in the service of his argument that it should be privatized. (His failed prognostications on the robustness of the stock market should’ve put a big pin in that trial balloon.) And if you read the Austrian school economists and bloggers at the Von Mises Institute, you will find the inapt analogy deployed frequently as well. While not comparing Social Security to a Ponzi scheme, Bac…
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