Wall Street executive Bernard Madoff was recently arrested after admitting to his sons and later, to the FBI, that he was running a gigantic Ponzi scheme — to the tune of $50 billion. He is now being sued by a number of investors.
Since he voluntarily admitted to the crime, he sets a good example for individuals like Michael Astrue, commissioner of the Social Security Administration.
With a budget of over $600 billion and more than 62,000 workers, the SSA is one of the largest pyramid-Ponzi schemes in existence.
Yet there is one difference: contributions to social security are compulsory, whereas Madoff’s firm didn’t coerce starry-eyed investors. While neither has the moral high ground, if Mardoff is going down — to be consistent — so should the SSA.
Be sure to read Adam Young’s germane, “The Life of Carlo Ponzi.”