What if Ronald Reagan Had Called Social Security a Ponzi Scheme?



What I like about this clip is that a clearly frustrated Jimmy Carter is trying to get the country to accept the idea that entitlements (Medicare, Medicaid, and Social Security) have to be broadened to help prevent the catastrophic financial collapse that happens when a family runs into a large medical bill and can't find a way to pay for the medical care that they need. Carter spells out the specifics of an issue that remains with us today. That was Carter's fatal flaw. He should have said "to hell with the future--get yours and get high and get loaded." In 1980, that's all America wanted to hear.

This has become a much larger issue because (I'm being funny here) virtually every one of the smartasses who voted for Reagan and thumbed their nose at Carter now has to face their 70s with almost nothing in retirement savings and no chance of getting health insurance. Couple that with the fact that they have spent themselves into oblivion buying toys for the last thirty years while getting theirs, getting loaded, and while eating themselves fitter, and you get the picture.

Imagine if Ronald Reagan had said "Social Security is a Ponzi Scheme!" at this debate. He would have been beaten by thirty points.

Now you know how far this country has moved in terms of extremes.

Larry DeWitt has more.