Ramesh Ponnuru says Social Security is worse than a Ponzi scheme.

He’s right. It’s more like an inter-generational pyramid scheme, a pyramid tipped on its side…

To be sustainable, over time (T) it has to take more from more people (thus a three-dimensional pyramid rather than a two-dimensional triangle. It’s really exponential rather than multiplicative).

Social Security. In case you forgot, it still needs fixing. This Christmas, think about the rather unpleasant gift we’ll be leaving the generations that follow in the form of unsustainable and unfunded “entitlements.”