NJ Gov Chris Christie: ‘The Money They Said Was in Couch Cushions Wasn’t Really There’

The problem with letting politicians run a budget on promises is that they have no clue that those promises come due and real money must be paid up. What results is a Ponzi scheme like social security where money is taken from new investors and given to old investors. Bernie Madoff went to jail for it, yet our political ruling class does it on a much larger scale and not only are they not incarcerated, but they get elected to keep the Ponzi scheme going. Eventually, all Ponzi schemes fail because a tipping point is reached where money getting paid out on the back end exceeds that coming in through the front, and then there is shock that it was all a house of cards with no cash in the couch cushion:

Any promise by a politician that doesn't have to be paid for in the here and now is a Ponzi scheme, including free healthcare in retirement, pensions, social security and Medicare just tio name a few.