“The Social Security system, like the Medicare system, is beloved of younger workers, because they think they’re going to get a free lunch from the government when they’re older, and this enables them to spend less money now for their retirement years. They love it. They figure somebody else is going to pay for their retirement, and they think they’re going to dig deep into somebody else’s wallet. This is a Ponzi scheme. But Ponzi schemes are incredibly popular with people. Think of Bernie Madoff. People loved to get in. They begged to get in. Madoff realized early that it was this insatiable desire for outsiders to get in that was his sustaining factor.”

http://www.garynorth.com/public/11422.cfm

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