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 ...
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.
Perry must have gotten a back brace. He almost sounds like he got one of Palin’s balls.
my father did as well. they were ahead of their time.
“...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.
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.
My father could vote in 1938.
He was at The BULGE.
You wanna tell him he’s not part of GG ?
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.
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.
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.
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.
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