Ponzi would be if the govt. was dependent on borrowing to make payment.
The US Congress spends by instructing the Fed to credit someone’s member bank account at the Fed. This process is operationally independent from taxing and/or borrowing. It is not dependent on revenues of any sort.
All Social Security payments are a matter of the Fed entering data on its computer.
That is, all Federal spending can be said to be ‘printing money’.
And Federal taxing can be said to be ‘unprinting money’.
Also, Federal borrowing is nothing more than the shifting of dollars from reserve accounts at the Fed to securities accounts at the Fed.
And paying down the Federal debt is nothing more than the shifting of dollars from securities accounts at the Fed to reserve accounts at the Fed.
Neither is involved in the actual making of payments by the Fed.
Bottom line, the notion of Ponzi isn’t applicable when it comes to the issuer of the currency. Greece, the US states, corporations, and individuals are users of the currency and can be in Ponzi. The Fed, Bank of Japan, Bank of England, and European Central Bank are issuers of their own currency, so for them Ponzi does not apply.
Please forward this to the Republican candidates, the President, and all members of Congress, thanks.