Quotation of the Day…

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… is from page 113 of my late, great colleague Walter Williams’s 2015 book, American Contempt for Liberty, which is a collection of many of Walter’s columns and essays; this quotation specifically is from Walter’s November 6th, 2013, syndicated column, “Congressionally Duped Americans“:

The only way Congress can send checks to Social Security and Medicare recipients is to take the earnings of a person currently in the workforce. The way Congress conceals its Ponzi scheme is to dupe Social Security and Medicare recipients into thinking that it’s their money that is put away and invested. Therefore, Social Security recipients want their monthly check and are oblivious about who has to pay and the pending economic calamity that awaits future generations because of the federal government’s $100 trillion-plus unfunded liability, of which Social Security and Medicare are the major parts.

DBx: Although Walter overestimated the size of the unfunded liabilities – these are today estimated to be $73.2 trillion – his larger point remains standing and strong: the U.S. government’s debt is a gigantic burden for future generations of Americans.