Social Security: Successful Failure

Social Security has the dual distinction of being both an abysmal failure and a whopping success, and that's not just political double-speak. It all depends on which side of the coin you favor.As the most-egregious -- and unconstitutional -- Ponzi scheme of all time (today's elderly recipients are funded by young workers, not from their own contributions of yore), Social Security is irreversibly insolvent. In 1950, the worker-to-beneficiary ratio was 16.5 to 1. In 2010, that ratio is almost 2 to 1.Notwithstanding the political nonsense, Social Security's failure is rooted not in actuarial anomalies, but in the violation of immutable psychology: people succeed only when they are responsible for their own decisions and actions. When government manages your life, it will fail -- and therefore, you will fail.Examples of socialism's failure abound -- from the Weimar Republic to the Soviet Union to Cuba. Even the history of Thanksgiving provides such a lesson. The colonists at Plymouth...(Read Full Article)