Sunday, March 10, 2013

Senor Ponzi?

     One of the reasons often given for immigration reform is that younger immigrant workers will pay into the Social Security and Medicare systems so that aging workers will be able to receive their 'benefits.' But, isn't that a classic definition of a Ponzi scheme, new money brought in so that it can be paid out to 'old' investors to keep the system afloat...until the new 'investors' eventually need to receive their benefits as well?
     There are a lot of good reasons to implement immigration reform but this is not one of them. Entitlements need to be either reformed or, better still, privatized. Making a Ponzi scheme more...Ponzi-like...doesn't make a lot of sense.