11:00 AM EDT, September 24, 2011
It is always depressing when you see evidence of a political point of view overcoming intellect, but particularly so in Peter Morici's commentary on Social Security ("Yes, Social Security is a Ponzi scheme," Sept. 22). He forgets that Social Security is a government program than can compel participation and set both taxes and disbursements at any level it chooses.
Charles Ponzi had none of these advantages so that analogy is weak. It is not the case that "such a scheme could only continue if the working-age population grew more rapidly than the number of retirees." Social Security is a tax on those who are working which benefits those who no longer can, and can be adjusted to meet their needs. I can understand a reluctance to pay more taxes, but the intellectual dishonesty in claiming that Social Security is "insolvent" places a belief that "most Americans are already overtaxed" over intellectual honesty.
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