Magazine article USA TODAY

ObamaCare as Ponzi Scheme

Magazine article USA TODAY

ObamaCare as Ponzi Scheme

Article excerpt

"At a physicians' roundtable years ago, I asked Sen. Orrin Hatch (R.-Utah) why I couldn't punch out of Social Security, happy to leave all that I had paid 'into the system' on the table. Why couldn't anyone, I asked, willing to leave behind all they had paid in, be allowed to walk away from these entitlements, as long as they were willing to forgo a future claim to these 'benefits'?

"He wouldn't answer me. The answer is obvious, though, isn't it? Without the current 'contributions' of the young--and yes, draws on the credit line of the unborn--the current beneficiaries would discover that these programs were bankrupt," says G. Keith Smith, cofounder, medical director, and CEO of The Surgery Center of Oklahoma, Oklahoma City.

"Virtually all of the legislators that brought us Medicare are dead and gone now, as are those who brought us Social Security. This is no coincidence, for these men realized that it was politically much more popular to give away government goodies paid for by the young and unborn than to tax the very same people who were to 'benefit' from their 'ideas' and 'programs.'"

Smith insists that this is the essence of a Ponzi scheme, which is a fraudulent investment scheme that pays investors not out of profits but out of money paid in by later investors. If you think about it, adds Smith, all government programs are Ponzi schemes. It is becoming increasingly clear that the same can be said about ObamaCare, which cannot let young people out for the same reason that Social Security cannot. Young workers are not paying or saving for their own benefits, but for older, sicker people. …

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