Wednesday, December 30, 2009

Medicare=Bernie Madoff

How is Medicare equivalent to Bernie Madoff, the perpetrator of the biggest Ponzi scheme to date?

1. Early participants made off with the most benefits.

2. People are promised fantastic, virtually unlimited, returns for their investment, no matter how little money they actually put into the program. (Free single payer health care for everyone!)

3. An ever greater number of people have to be recruited to pay into the program to keep it running.

4. Money paid into the program is supposedly kept in a "trust fund" for future benefits but in reality has already been paid out to current users.

How is Medicare different from Bernie Madoff's Ponzi scheme?

1. Madoff's scheme was bought by investors voluntarily. Medicare is forced onto every working American.

2. There is no clawback of money and benefits from early users of Medicare

3. No prosecutor is going to come in and arrest the federal government for running the world's largest Ponzi scheme.

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