Tuesday, March 2, 2010

Harvard Prof Mankiw Supports Theft and Massive Ponzi Schene

That's the only take I can come away with from a blog post by Greg Mankiw when he writes:
Americans, as well as citizens of many other advanced nations, now spend about twice as many years in retirement as they did a generation or two ago. During that time, they expect the government to provide them with income support and healthcare. Is it any wonder that we face serious fiscal problems?

I hope the president's fiscal commission makes raising the age of eligibility for these programs one of its main recommendations.
First and foremost, participation in the social security system is not voluntary, it is forced. That's theft. No one would put money into a system where the payment goal post keeps changing. Second, to keep the masses quiet, Social Security is sold as a retirement program when it is a Ponzi scheme that can't possibly payoff what it promises.

Mankiw has to know this. But instead of calling for an end to the system, and calling out the scammers, he slides right in with them. Disgusting.

Mnakiw has to know all this

1 comment:

  1. Mankiw probably knows SS is a ponzi scheme but future potential paychecks compell him to fall in line with the government goons.

    Financial incentives matter...