Ponzi Schemes and Prophecy
…believes Social Security needs to be saved, that it’s an important safety net for Americans who have paid into it all their lives.” Perry did not invent the Ponzi scheme analogy for Social Security; back in 1995, economist James Glassman (he who wrongly predicted that the Dow would 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 robu…
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