Is Rick Perry Right? Is Social Security a Ponzi Scheme?

By:  Bob Adelmann
09/15/2011
       
Is Rick Perry Right? Is Social Security a Ponzi Scheme?

Presidential candidate Rick Perry opined in the first Republican debate that  Social Security is a “failure” and a “Ponzi scheme,” and then reiterated the charge in the second debate on Monday night. At the first debate, Perry said Social Security is a “Ponzi scheme for these young people. The idea… that the current program is going to be there for them is a lie.” When pressed by the moderator, Perry reiterated, saying Social Security is a “monstrous lie to our kids.”

On Monday night Perry refused to back down: “It is a Ponzi scheme to tell our kids that are 25 or 30 years old today, you’re paying into a program that’s going to be there. Anybody that’s for the status quo with Social Security today is involved with a monstrous lie to our kids, and it’s not right.” But in his op-ed piece in USA Today on Sunday, Perry backed off, writing instead that the system could still be salvaged somehow: “Social Security benefits for current recipients and those nearing retirement must be protected. For younger workers, we must consider reforms to make Social Security financially viable.” He failed to mention the words “Ponzi scheme” nor did he explain just what reforms would be required.

Presidential candidate Rick Perry (photo) opined in the first Republican debate that  Social Security is a “failure” and a “Ponzi scheme,” and then reiterated the charge in the second debate on Monday night. At the first debate, Perry said Social Security is a “Ponzi scheme for these young people. The idea… that the current program is going to be there for them is a lie.” When pressed by the moderator, Perry reiterated, saying Social Security is a “monstrous lie to our kids.”

On Monday night Perry refused to back down: “It is a Ponzi scheme to tell our kids that are 25 or 30 years old today, you’re paying into a program that’s going to be there. Anybody that’s for the status quo with Social Security today is involved with a monstrous lie to our kids, and it’s not right.” But in his op-ed piece in USA Today on Sunday, Perry backed off, writing instead that the system could still be salvaged somehow: “Social Security benefits for current recipients and those nearing retirement must be protected. For younger workers, we must consider reforms to make Social Security financially viable.” He failed to mention the words “Ponzi scheme” nor did he explain just what reforms would be required.

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