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Perry: 'Social Security is Ponzi scheme'
The Hill ^ | 11/21/10 | Gautham Nagesh -

Posted on 11/21/2010 10:15:18 AM PST by george76

Republican Governors Association chairman Rick Perry (R-Texas) called Social Security a Ponzi scheme on Sunday and said young workers know they will never receive any of the money they currently pay into the fund.

"What I'm saying is that between Social Security, Medicaid and Medicaid there's $106 trillion of unfunded liabilities and not one dime saved to pay for them," Perry said on Fox News Sunday. "My children who are in their 20s know that Social Security is a Ponzi scheme."

When challenged by host Chris Wallace, who pointed out that when Social Security started there were seven or eight workers for every retiree, Perry doubled down on his criticism by arguing the program would even shame Charles Ponzi, who inspired the term by paying returns to early investors using money from later investors.

"It probably is a program that even makes Mr. Ponzi feel pretty bad if he was still alive. The fact is our children know that the money that they're putting into Medicaid they'll never see," Perry said.

"And it is a Ponzi scheme. I don't know how you would explain it any other way than what you just did. There are fewer people paying into it and our kids are never going to see any benefit from it. Fix it and fix it today. "

...

Perry also disagreed with Sen. Bob Corker (R-Tenn.) that this week's initial public offering from General Motors shows the government's bailout of the auto companies had been a success.

(Excerpt) Read more at thehill.com ...


TOPICS: Business/Economy; Crime/Corruption; Extended News; Government; News/Current Events; US: District of Columbia; US: Tennessee; US: Texas
KEYWORDS: liabilities; medicaid; perry; ponzi; ponzischeme; rickperry; socialsecurity; unfunded

1 posted on 11/21/2010 10:15:22 AM PST by george76
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To: george76

Bout time, gang..

We at FR have been telling you that for YEARS!!


2 posted on 11/21/2010 10:16:32 AM PST by gwilhelm56 (OFFICER... when the TSA agent regains Consciousness.. Arrest him for Sexual Assault!)
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To: george76
'Social Security is Ponzi scheme'

Don't you think this belongs in "Breaking News"?

ML/NJ

3 posted on 11/21/2010 10:17:20 AM PST by ml/nj
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To: george76


4 posted on 11/21/2010 10:21:51 AM PST by OneWingedShark (Q: Why am I here? A: To do Justly, to love mercy, and to walk humbly with my God.)
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To: george76

When Perry embraces SB1070-esque legislation for his state, and perhaps starts building The Great Wall of Texas, he’ll have more Conservative street cred.


5 posted on 11/21/2010 10:22:09 AM PST by DTogo (High time to bring back the Sons of Liberty !!)
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To: george76

In other breaking news:

Dog bites man!

Water Wet!

Pope Catholic!

Bear shit found in woods!


6 posted on 11/21/2010 10:22:39 AM PST by Mr. K (TSA Sexual Assaulters: "You dont get on until we get off")
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To: george76

Do you think Perry is trying to achieve secession by other means? Because he continually advocates for removing Texas from any Federal laws or programs, which - if successful, would result in the same result.


7 posted on 11/21/2010 10:23:01 AM PST by worst-case scenario (Striving to reach the light)
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To: george76

Correctamundo! We were sold into slavery by our grandparents - you know, the greatest generation? Sorry to be so direct about it, but that’s the facts. The voters who elected FDR and the democrats to Congress picked the pockets of their children to pay for their old age, and ever since, every subsequent generation has kept up the con. You couldn’t opt out, and you couldn’t get the time of day from the majority who thought that it was a good con. While it lasted that is. Now our demographics won’t support the con any longer. Too bad for all of us who paid in (me personally I started paying at age 14 and 40 years later I’m still being scammed). We’re not going to get what we put in. All arguments aside, there just isn’t any money. The Republicrats spent it. And you can’t borrow money from yourself, so all those pieces of paper in tbe Bureau of the Public Debt (in Sheets Byrd’s home state, btw) are worthless.


8 posted on 11/21/2010 10:24:56 AM PST by RKV (He who has the guns makes the rules)
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To: george76
"My children who are in their 20s know that Social Security is a Ponzi scheme."

My father told me the same......in 1967.

9 posted on 11/21/2010 10:25:01 AM PST by EGPWS (Trust in God, question everyone else)
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To: EGPWS
My father told me the same......in 1967.

He also at that time stated thate I wouldn't receive any of it and that when I retired that would be the least of my worries.

He was a man of vision he was.

Even back then he knew the government couldn't survive financially with the spending budgets brought forth in the '60's.

10 posted on 11/21/2010 10:28:04 AM PST by EGPWS (Trust in God, question everyone else)
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To: george76
It was always meant to be a kitty to rob. No one was supposed to live long enough to collect all they put into it....

Medicare is an even bigger scam...but I'm not sure who the big beneficiary is...the pharm companies, the doctors who do "volume". My PCP does volume and only works part time....you tell me...

11 posted on 11/21/2010 10:30:16 AM PST by Sacajaweau
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To: DTogo

You know that the RINO Joe Strauss has more to say bout such things than Perry. In Texas the Speaker of the House has more power than the governor. Right now Strauss is trying to strong-arm his way back into the speakership. Republicans have an almost 2/3 majority in the House, with 99/150 seats and about 25 new pubbies on board. But the Dims are solidly behind him and he needs only about 25 Republican votes to win.


12 posted on 11/21/2010 10:34:09 AM PST by RobbyS (Pray with the suffering souls.)
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To: george76

No $hit Rick; just figure that out?


13 posted on 11/21/2010 10:37:47 AM PST by mad_as_he$$ (What flavor Kool-aid are you drinking?)
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To: george76

Always been true, but now you can almost get away with saying as much.


14 posted on 11/21/2010 10:43:45 AM PST by Brilliant
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To: george76

“What I’m saying is that between Social Security, Medicaid and Medicaid there’s $106 trillion of unfunded liabilities and not one dime saved to pay for them,”

But, but the government PROMISED! Look at what they said in 1964!

http://www.ssa.gov/history/ssa/usa1964-2.html

Self-Supporting

“The program is designed so that contributions plus interest on the investments of the social security trust funds will be sufficient to meet all of the costs of benefits and administration, now and into the indefinite future—without any subsidy from the general funds of the Government. Both the Congress and the Executive Branch, regardless of political party in power, have scrupulously provided in advance for full financing of all liberalizations in the program.”

And here is where your money disappears into the system. Read and weep!

http://www.socialsecurity.gov/OACT/ProgData/fundFAQ.html#n4


15 posted on 11/21/2010 10:49:09 AM PST by Ruy Dias de Bivar (I visited GEN TOMMY FRANKS Military Museum in HOBART, OKLAHOMA! Well worth it!)
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To: RKV

Correct on all counts, but in fairness to the greatest generation, SocSec was originally pushed as in “insurance policy” for your old age. The same way 0bamacare was originally pushed as “insurance reform”. The difference between now and then is that we have the Internet and talk radio not to mention the benefit of our grandparents past experiences being screwed by these progressives. The American people, armed with that knowledge, overwhelmingly rejected 0bamacare and it STILL was forced through. How much harder was it for our grandparents to see through FDR and his looter government.


16 posted on 11/21/2010 10:52:20 AM PST by YankeeReb
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To: george76

If Perry wasn’t such a loser, I’d support him. At this point, I’m suspicious as hell of him.


17 posted on 11/21/2010 10:56:55 AM PST by BobL (The whole point of being human is knowing when the party's over.)
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To: george76

Call me thick if you like but I only realised this 15 years or so ago when the Australian governement started talking about them not being able to afford to pay everyone the pension by the time I retire.

“What? Havn’t you been putting away a portion of the tax I pay to pay for my retirement?” - seems not!

Ponzi scheme of the worst order!

Mel


18 posted on 11/21/2010 11:10:54 AM PST by melsec
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To: george76

It’s worse than a Ponzi scheme. SS is not only a Ponzi scheme, but is a Ponzi scheme where you are forced to “invest” under threat of prison. At least, the other Ponzi schemes leave you the freedom to invest or not.


19 posted on 11/21/2010 11:13:45 AM PST by expatpat
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To: RKV
We were sold into slavery by our grandparents - you know, the greatest generation?
The original SS Act was passed in 1935, long before most of the Greatest Generation could even vote.
However, it was GG voters who gave us Medicare, Medicaid, LBJ's Great Society and .............. Vietnam.
20 posted on 11/21/2010 11:17:57 AM PST by oh8eleven (RVN '67-'68)
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To: BobL
If Perry wasn’t such a loser, I’d support him. At this point, I’m suspicious as hell of him.

Perry became Gov. when Bush resigned. From his first election to his latest re-election he has had bigger losers and outright idiots run against him. Perry is the classic t*urd sandwich running against whatever douche bag the Dems. could come up with, like Bill White.

WARNING for those of you from outside Texas! Perry has been Gov. for years but only recently started his conservative pretending. Perry was a Dem. and is buddies with Al Gore. Perry tried a huge land grab via his insane Trans-Texas Corridor BS that was shot down (so far) and he also tried to FORCE Texan girls to be vaccinated with Guardasil. Perry did an executive order on the latter.

Perry has done little or nothing to shut the borders down.

I know lobbyists in Austin who have told me that years back Bush and Cheney referred to rick Perry as "the dumbass". Perry is a RINO and CINO. He is right about Social Security but so what. What he says is no original idea. He has never had one. Perry is not presidential material. I'm not realy sure what he is good at except sitting and rolling over on command.

21 posted on 11/21/2010 11:19:59 AM PST by isthisnickcool (Sharia? No thanks.)
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To: george76

Perry must have gotten a back brace. He almost sounds like he got one of Palin’s balls.


22 posted on 11/21/2010 11:30:49 AM PST by VRWC For Truth (Throw the bums out who vote yes on the bailout)
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To: EGPWS

my father did as well. they were ahead of their time.


23 posted on 11/21/2010 11:42:29 AM PST by television is just wrong
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To: isthisnickcool

“...and is buddies with Al Gore”

Anyone can say what you just said...but how does one prove it. In Perry’s case, he was Al Gore’s 1988 state CHAIRMAN for Gore’s (futile) presidential run. That is some big baggage for a presidential wannabe and also shows just what kind of judgment he has.

Here in Texas, we simply cannot seem to find a conservative to take him on. Kay got her clock cleaned in the primary, but she’s no conservative and never had her heart in it anyway. No other conservative will even get near him - so we stay stuck with him...for ANOTHER 4 years.


24 posted on 11/21/2010 11:46:16 AM PST by BobL (The whole point of being human is knowing when the party's over.)
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To: expatpat

The employer pays part of your SS, and you pay the other part, and you don’t have a choice. At the time you turn 65 and if you start drawing SS, then you are required to “buy” into medicare insurance, $99.00 a month ($1200.00 yr).....we don’t have the option to invest my $300.00 a month that I pay in SS into another form of retirement....I have rely on 401k or anuities.


25 posted on 11/21/2010 11:53:50 AM PST by Bullfrogg (American by birth, Irish by heritage, and hellraiser by choice)
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To: oh8eleven

My father could vote in 1938.
He was at The BULGE.
You wanna tell him he’s not part of GG ?


26 posted on 11/21/2010 12:15:04 PM PST by aumrl (let's keep it real Conservatives)
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To: aumrl
My father could vote in 1938
Good for him, 1938 is not 1935 ... and I said MOST couldn't vote, not ALL.
Thank him for me for his service - and also for Medicare, Medicaid ...
27 posted on 11/21/2010 12:30:56 PM PST by oh8eleven (RVN '67-'68)
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To: YankeeReb

People knew at the time that the “insurance” characterization was a lie. In any event, every voter has an obligation to get to the bottom these things. That generation did sell us out.


28 posted on 11/21/2010 12:34:15 PM PST by achilles2000 ("I'll agree to save the whales as long as we can deport the liberals")
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To: george76

Of course it is a Ponzi- pyramid scheme. The first receipients paid nothing into the system. The boomers money was not set aside like insurance for the boomers, it went to pay for their parent’s current benefits. The surplus created by having more boomers and greater contributions was raided by the dems by mixing it with the General Fund. Also, immigrants who had not paid into the system are now drawing benefits.

The difficulty arises because the shrinking numbers of people in the workforce can no longer support paying for the current benefits of the boomers and their surviving parents. The money that was supposed to be set aside has been spent, so the deficit becomes debt or a growing demand on General Funds. This is one reason why the government wants to devalue the dollar. It eases the burden because the benefits become worth less. The dems also make the argument that letting in immigrants will increase the workforce paying into SS. (However, it has been shown that they take more benefits than they pay in for.)

There is no longer a question that the young workforce is paying money in for their future benefits. That myth was shattered in the LBJ era when they raided the boomer’s funds. The younger generation’s benefits will be paid by the then current workforce. This is why revisions allowing them to transfer their money over to a 401K or other investment can’t work. Their contribution is needed to pay out current benefits and lessen the draw on debt that resulted from the dems. spending the boomers contributions over the years. Otherwise, there will be an even greater demand on the General Fund to pay for current benefits.


29 posted on 11/21/2010 1:23:32 PM PST by marsh2
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To: george76

What took you so long Rick? It’s actually much worse. The greatest fraud ever FORCED on “free” people. It’s built on the backs of dead Americans...much like Obamacare will be. WAKE UP!

Life, liberty and the pursuit and destruction of totalitarians.


30 posted on 11/21/2010 6:17:19 PM PST by PGalt
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To: george76
Perry: 'Social Security is Ponzi scheme'

I suppose he'll get in trouble for stating the obvious?
Literally every adult I know knows this. The only legal crime that politicians have invented (only for themselves;) aside from printing money, that is.

31 posted on 11/21/2010 6:50:23 PM PST by Publius6961 ("In 1964 the War on Poverty Began --- Poverty won.")
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