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Ponzi schemes

August 29, 2011

Governor Rick Perry of Texas says that Social Security’s a “Ponzi scheme”.  And the sad thing is that he’s probably right.  Isn’t the entire system of capitalism, after all, grounded on the need for ever expanding profit which can only be realized through ever expanding investment?  An endless unsustainable loop that’s the very definition of a Ponzi scheme?  If we live within a giant Ponzi scheme, and we do, then isn’t any sub-part like Social Security one as well?

Slashing or eliminating Social Security though will do nothing about the larger Ponzi scheme.  And everything pushed by the right – tax cuts, “entitlement” cuts, deficit cuts, etc. – would only accentuate it by increasing the volume of investment needed to keep it going.  The more unequal the society, the more shaky the Ponzi.

The truth, of course, is that Perry couldn’t give two shits about Ponzi schemes.  The scheme of the right is nothing less than turning the clock back to the grand ole days of 19th century bourgeois aristocracy.

From → US

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