Art Robinson: Social Security and other programs should be ended by attrition
"Consider what we would do with Social Security. The government is already not honoring it's contract under Social Security. It's paying the money but it is inflating the currency and it is not properly taking the CPI rises so the people in Social Security are getting less and less all the time in terms of purchasing power so they are being defrauded. But if we just suddenly cut off the federal income there is no Social Security fund. They spent it.
So it is a Ponzi Scheme. I'd be in jail if I ran something like that. And you would do. But we do have a contract with the people who paid into Social Security and that is being paid not only by Social Security benefits but now the benefits are running a little less, it is being paid partly by the income tax.
We should change our ways so that we don't incur any further liabilities under entitlements.
In other words, these entitlement programs need to be ended. But they can't be ended by violating the contracts with the people who have already contracted with the government. They have to be ended by attrition. You have to stop taking on new people in the entitlements and let time pass and gradually by attrition cancel that."
Source: Robinson interview on I-CAUCUS May 11, 2010 Art Robinson: Social Security is a Ponzi Scheme that should be ended by attrition