Skip to comments.Perry: 'Social Security is Ponzi scheme'
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 ...
Bout time, gang..
We at FR have been telling you that for YEARS!!
Don't you think this belongs in "Breaking News"?
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.
In other breaking news:
Dog bites man!
Bear shit found in woods!
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.
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.
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.
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...
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.
No $hit Rick; just figure that out?
Always been true, but now you can almost get away with saying as much.
“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!
“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!
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.
If Perry wasn’t such a loser, I’d support him. At this point, I’m suspicious as hell of him.
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!
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.
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