President Obama unveils the American Jobs Act:
Monday, September 12, 2011
Jared Bernstein's appeal to reason:
Today’s bond markets have the yield on the 10-year Greek bond at 23.54 and on the US ten-year note at 1.95. So enough about that…OK?
Social Security is pay-as-you-go.
Ponzi’s scheme was not as it depended on continuous doubling the ratio of contributors to investors (read this wonderful treatment by Social Security’s historian).
As the above link concludes: “The first modern social insurance program began in Germany in 1889 and has been in continuous operation for more than 100 years. The American Social Security system has been in continuous successful operation since 1935. Charles Ponzi’s scheme lasted barely 200 days.”...