The Madoffcrats are in control…for now

Rep. Steve Rothman (D-NJ9) held a pep rally for Medicare with seniors at a Fair Lawn dinner yesterday. The seniors at the meeting reflected on their illnesses and praised Medicare for paying for their surgeries, treatments, etc.  Of course, seniors love Medicare; the general population heavily subsidizes it.  If seniors had to pay the full cost of Medicare, the premium for each beneficiary would be approximately $11,000.

In order for tomorrow’s seniors, most of whom will be the baby boomers, to receive their benefits the rest of the working population will have to pay much higher taxes to subsidize the federal government’s insurance program.

In short, for Medicare to continue as it is now structured, the federal government will have to continue this Ponzi scheme until Medicare taxes become so onerous to keep the program afloat the working population will revolt. However, Medicare will come crashing down because it is a Ponzi scheme.  Nevertheless, the Democrats are in full attack mode.  Any proposal to phase out Medicare let alone “reform” the program is met with overblown rhetoric about wanting to let seniors die, etc.

Medicare never should have been created in the first place.  The constitution does not authorize the federal government to create an insurance program for anyone, let alone seniors.  President Johnson should have asked the Congress and the states to amend the constitution to allow the federal government to create Medicare and Medicaid in 1965.

Providing for one’s old age should be one of the primary financial goals of every American.   But for many decades the American peoeple have been voting for politicians who have had one basic message:  “We are from the government and we here to help you.”  This is the most dangerous sentence in the English language.

In our “post constitutional” America, virtually anything goes.   That is why we have the Patriot Act, porno scanners and sexual assaults at America’s airports, fiat money and preemptive war.  Moreover, Madoff and others are in jail for conducting Ponzi schemes while the federal government continues them with impunity.  The rule of law is virtually dead in America.

That is why the markets will bring down America’s welfare-warfare state, not elections.

 

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