The Corner

Ponzi Scheme vs. Social Security

Here is a great Venn Diagram made by the Examiner’s Tim Carney:

This is great, but I think that something is missing in the Social Security side of the diagram. Only in the case of Social Security will people be asked to pay a second time for what they’ve already paid for: all these IOUs in the Social Security Trust Funds. Since the money is gone, taxpayers will be asked to pay once again for the $2.6 trillion in the trust funds — once the program starts cashing in its IOUs — in the form of new taxes or more deficit spending (future taxes, higher interest rates, or future downgrades, or a mix of the three).

More on Social Security’s cost to taxpayers here.

Veronique de Rugy is a senior research fellow at the Mercatus Center at George Mason University.

Most Popular

Politics & Policy

Making Sense of the Iran Chaos

One would prefer that correct decisions be made according to careful, deliberate plan. But a correct decision made impulsively, through a troubling process, is still nonetheless correct, and so it is with Donald Trump’s decision to refrain from military action against Iran. The proposed strike would represent a ... Read More
Film & TV

Murder Mystery: An Old Comedy Genre Gets Polished Up

I  like Adam Sandler, and yet you may share the sense of trepidation I get when I see that another of his movies is out. He made some very funny manboy comedies (Billy Madison, Happy Gilmore, The Waterboy) followed by some not-so-funny manboy comedies, and when he went dark, in Reign over Me and Funny People, ... Read More
Politics & Policy

New Deal . . . Conservatives?

I am second to none in my admiration for William F. Buckley Jr., but on matters of electoral politics his judgment was not exactly infallible. For example, he floated the idea of having former president Dwight Eisenhower join Barry Goldwater’s ticket as the vice-presidential nominee, which was possibly ... Read More