Social Security’s objective -- forcing people to save for retirement -- is legit. Otherwise millions of us would seek handouts in our old age.
But Social Security has also played a central role in the massive, six-decade Ponzi scheme known as U.S. fiscal policy, which transfers ever-larger sums from the young to the old.
In so doing, Uncle Sam has assured successive young contributors that they would have their turn, in retirement, to get back much more than they put in. But all chain letters end, and the U.S.’s is now collapsing.
The letter’s last purchasers -- today’s and tomorrow’s youngsters -- face enormous increases in taxes and cuts in benefits. This fiscal child abuse, which will turn the American dream into a nightmare, is best summarized by the $202 trillion fiscal gap discussed in my last column.
Judge: Its Legal For Government To Track You In Your Car
The free world was aghast yesterday when the United States decided that it is perfectly acceptable for Government agents to sneak onto your property in the middle of the night, put a GPS device on the bottom of your car and keep track of everywhere you go.
The U.S. Court of Appeals for the Ninth Circuit has decided that this does not violate the Fourth Amendment.