Thursday, September 15, 2011

Democrats Love Ponzi Schemes

Seems like the (D) Party is the natural home of Mr. Ponzi.

Not only Social Security, but ObozoCare:

Democrats, determined to pass President Obama's national health care law in 2009 and 2010, ignored repeated warnings from within the administration that one of the law's new programs was financially unsustainable, according to emails obtained by the Associated Press ahead of a House GOP report due out Thursday.

...The insolvency of the Community Living and Support Services Act (CLASS) has never been a big secret....

The idea of the program was to collect premiums and then pay out benefits to cover home-based health care later, but every independent analysis, including from the Congressional Budget Office (CBO),  said it would run up deficits over time.

Or (the real plan) there would be substantial tax increases to fund it....sorta like Social Security.


Senate Budget Committee chairman Kent Conrad, D-ND, had called it "a Ponzi scheme of the first order, the kind of thing that Bernie Madoff would have been proud of," though he eventually voted for it anyway.

Just like every other Democrat in Congress.


Tim Morrissey said...

It's interesting how the term "Ponzi Scheme" is being used these days. That phrase has much more emotional content than "unsustainable".

J. Strupp said...

It's the new "death panel" or cries of, "socialism". Ponzi Scheme is trendy right now.

Grim said...

It's apparently the "scheme" part that's objectionable; Paul Krugman described Social Security as a "Ponzi game." Games are fun!