27 May 2010


From commenter David Gillies at AoSHQ:

"What most people don't realize is the chasm over which most of the world's economies are poised. You can mug the productive cohort of your society for 30%, 40% tops to pay for your elderly and your indolent and your sick but as soon as you get beyond that they go on strike, and since welfare states are Ponzi schemes, the train hits the buffers a lot sooner than pseudo-intellectuals like Paul Krugman are willing to admit. If no one paid tax on Friday, social security would be bust on Monday. There is no lock-box. It's not social insurance: it's holding up Peter at knife-point in an alley to get a fix from Paul. And the cops are on the take."

But politicians like to call it a "pay as you go" system so they don't have to utter the dreaded (and completely correct) phrase "Ponzi scheme." Of course, they still insist that paying income tax is voluntary as well.


Moose1942 said...

Margaret Thatcher once said,

"The problem with socialism is that eventually you run out of other people's money."

I have a feeling we're getting close to "running out."

Now that's a cheerful thought!

Larry said...

Maybe that means we're about done.

Wait, that didn't sound very good.

Maybe that means we're about finished.

No, that didn't sound any better.

Anyway, thanks for dropping by Moose!