Mr. Goodman is the president of the National Center for Policy Analysis. He wrote in the latest Hillsdale College Imprimis:
The first of the Baby Boomers started signing up for early retirement under Social Security last year. Two years from now they will start signing up for Medicare. All told, 78 million people are going to stop working, stop paying taxes, stop paying into retirement programs, and start drawing benefits. The problem is, neither Social Security nor Medicare is ready for them. The federal government has made explicit and implicit promises to millions of people, but has put no money aside in order to keep those promises. Some of you may wonder where Bernie Madoff got the idea for his Ponzi scheme. Clearly, he was studying federal entitlement policy.
Like Margaret Thatcher said, "the problem with socialism is that, sooner or later, you run out of other people's money!"