By Bruce Krasting (Guest Post)
Rick Perry teed this up. I’m amazed at how much traction this has gotten. Clearly both sides of this issue are stirring the pot. I’ve looked up a few definitions of what a Ponzi scheme is. This one is from an excellent source. The Securities and Exchange Commission defines a Ponzi as: A Ponzi scheme is an investment fraud that involves the payment of purported returns to existing investors from funds contributed by new investors.Does Social Security constitute a Ponzi based on that definition? I think it does. There are two ways to look at this: (I) If there…
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