The Washington Post

Mitch Daniels: Social Security is a “Ponzi scheme”

Columnist Mona Charen has seen an advance copy of Daniels’ forthcoming tome, “Keeping the Republic.” She reports:

In light of the fuss over Gov. Perry’s use of the term “Ponzi scheme,” it’s instructive to see Daniels’ description of the entitlement mess (which he too calls a Ponzi scheme): “For 70 years, Americans were misled to believe that they had been putting money aside for their own retirement, that there were actual assets being held somewhere that would provide for them in their golden years. This misrepresentation has been aptly named ‘the noble lie’ ... (In fact), the proposed future benefits grotesquely outstrip the future taxes we are scheduled to pay by some $5.4 trillion for Social Security and as much as $46 trillion for Medicare.

My goodness, such provocative rhetoric. Good thing Daniels stayed out of the race. Campaign operatives would no doubt be putting fliers under doors in Florida right now attacking him for wanting to rip checks from seniors’ hands.

Marc Thiessen writes a weekly column for The Post on foreign and domestic policy and contributes to the PostPartisan blog. He is a fellow at the American Enterprise Institute.


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