Thursday, January 21, 2010

The mother of all Ponzi schemes

Is the modern Western welfare system.

The Mises Institute have a tragic/comic article about how today's welfare systems, social security, government backed pensions, medicare etc are completely out of hand and about as financially sound as Bernie Madoff's investments.

The money collected in taxes will simply never come close to covering the future liabilities in the form of pensions, medical coverage and government services.

And the article makes a very good point. That like all Ponzi schemes, the winners are the people who get in early. It presents this lucky lady, the first recipient of a social security cheque, as the prime example:

Social Security was a sure thing in its infancy. Just think of Ida May Fuller (1874–1975), a nonexempt legal secretary from Ludlow, Vermont. Ms. Fuller exemplifies the advantages of getting in early and getting out early. She paid a whopping $24.75 to participate in Social Security. Her first monthly Social Security check was issued January 31, 1940, for $22.54. Within three months, Ms. Fuller's investment was in the black. Over the ensuing 35 years, she would collect $22,888.92 in Social Security payments.

Monday, January 18, 2010

Andrew Sullivan - Democrat spokesperson

Nothing but praise for Obama's failures.. this shows just how unprincipled Andrew Sullivan has become in the past couple of years.

My own take on this potential disaster for the Democrats is best represented by my response to an Obama supporter who is intending to vote for Brown. Vote for him in 2012. Hold your nose and vote for Coakley on Tuesday. The message is already clear to Obama about the need to pivot quickly to debt and spending (something his record already proves he can do). But losing health insurance reform now, and crippling the Obama presidency as the far right wants, would be to throw away the last chance for a decade of any meaningful change.

If you voted for Obama in 2008, don't abandon him now.

Where do I begin ? Andrew Sullivan, the so called 'conservative', supports socialised health care, and a Democratic president. He openly opposes a sound Republican candidate without offering a shred of criticism, and suggests voters "hold their nose" and vote for the disgraced Democrat candidate... the states don't matter any more, what matters for him is power and Washington.

Some conservative !