What Charles Ponzi’s Scheme and US Entitlement Programs Have in Common — The Federal Observer | Vermont Folk Troth

https://vermontprideblog.wordpress.com/2023/07/07/what-charles-ponzis-scheme-and-us-entitlement-programs-have-in-common-the-federal-observer/

When Charles Ponzi’s investment opportunity to sell international postage stamps was exposed to be a scam in 1920, its basic premise would forever be associated with the man’s name. A Ponzi Scheme promises investors massive returns on an investment that does not really exist. Instead, unknown to everyone but the person or people running it, old investors are paid with money that comes in from new investors. This set up usually goes undetected until the one day when the well of new investors dries up and the money stops flowing in.[…]What Charles Ponzi’s Scheme and US Entitlement Programs Have in Common — The Federal Observer