Both Social Security and Medicare are giant Ponzi schemes, says Dr. Huntoon.

In the words of philosopher/economist Frederic Bastiat (author of The Law), “See if the law takes from some persons what belongs to them and gives it to other persons to whom it does not belong. See if the law benefits one citizen at the expense of another by doing what the citizen himself cannot do without committing a crime.”

Medicare, of course, is part of the Social Security Act.

Both Social Security and Medicare are giant Ponzi schemes. They transfer wealth from current workers to retired workers. All Ponzi schemes eventually collapse when the scheme runs out of “other peoples’ money.”

What’s worse is that money people paid into SS and Medicare, was not invested or kept in a “lock box.” Government used that money to pay other expenses of running the government, and left only IOUs behind.

There are many myths about Medicare and the so-called need for Medicare – see “Medicare Myths and Facts” and “The Medicare Crisis: A Communications Exercise

The first person to receive a Medicare card was former President Harry Truman (a millionaire, who did not “need” Medicare).

For those who would like to read more about Medicare and how it developed, I would highly recommend the following books:

Medicare’s Midlife Crisis, by Sue A. Blevins
Published by Cato Institute, http://www.cato.org
(2001)

2 Days That Ruined Your Health Care
by William C. Waters, III, M.D.
printed by Lightning Source Incorporated
Lavergne, Tennessee (2008)

L.R. Huntoon, M.D., Ph.D., F.A.A.N.
Editor-in-Chief
Journal of American Physicians and Surgeons
Editor@jpands.org
Lake View, NY

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