In a November 3 editorial titled “What matters in 2012,” The Washington Times called Social Security and Medicare “FDR's Ponzi schemes.” From the Times:
Voters realize that, in addition to the public debt, Social Security and Medicare have promised $46 trillion in benefits to the elderly without any means of paying them. That brings the federal red ink grand total to $61 trillion - the equivalent of a $540,000 mortgage on every American household. It doesn't take a math whiz to realize this is unsustainable.
Within a few decades, FDR's Ponzi schemes will consume the entire federal income. The hole is so deep that only robust economic growth can pull us out. Fundamental tax and entitlement reform, along with a repeal of unnecessary regulations, must happen.
