In practice it has turned out to be strongly redistributionist, but only because of its Ponzi game aspect, in which each generation takes more out than it put in. Well, the Ponzi game will soon be over, thanks to changing demographics, so that the typical recipient henceforth will get only about as much as he or she put in (and today’s young may well get less than they put in).

Of course we all recognize that bit of inflammatory scare-mongering from Gov. Rick Perry’s book “Fed Up!” in which he tells the inconvenient truth about Social Security that every American knows but no politician is forth-right enough to confront.  That in its current state, it is doomed to fail and leave generations that had paid into it stuck without the return they were promised. In short: A Ponzi Scheme.

Oh, wait… my mistake. Thanks to some excellent work by Tyler Durden at ZeroHedge.com I now see that the quote above is not from Gov. Perry but from a young, idealistic economist named Paul Krugman writing in the Boston Review in 1997.

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Greatest, Lost, Boomer, X, Next … names our society has conjured to describe particular generations.  But what of the unborn future generations already burdened with the crushing financial tab of reckless government spending and redistribution of wealth?

Indulge me for suggesting a moniker for these unborn:  the Ponzi Generation.

Right now we are witnessing America’s ongoing conversion into a socialist society.  Depending on the vote tomorrow in Congress, America risks modeling the disastrous behavior of EU nations currently wallowing in economic and social bankruptcy. (more…)

In yet another case of willful blindness, our formerly august mainstream media all but ignores Al Gore’s global warming millions.  Their secular saint, Prophet Al, has become a very rich man off his global warming “science.”  Yet, whenever he is interviewed by those virtuous paragons among the media elite, you’ll hear nary a peep on the fact that Prophet Al stands to become the “World’s First Carbon Billionaire,” if and when governments – especially ours – enact the cap and trade legislation, of which Mr. Gore is the most vociferous proponent.

The lying hypocrisy of it is just too much for an honest person to bear.

Mr. Gore has, in effect, declared economic war on the middle-class American family through his global warming faux science.  The Congressional Budget Office has estimated that the cap and trade legislation, which passed the House last year, will cost the average American family $890 per year.  But the conservative Heritage Foundation immediately challenged this figure.  Using a more inclusive analysis, Heritage raised the estimate to at least $1,870 per year.

Heritage also took the trouble – on behalf of American families – to take into account the larger picture, significant details completely ignored in the CBO’s accounting: (more…)