Gov. Perry's Right About Social Security

Townhall ^ | 21st September 2011 | Walter E Wiliams

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During the recent GOP presidential debate, Texas Gov. Rick Perry said that Social Security is a "monstrous lie" and a "Ponzi scheme." More and more people are coming to see that Social Security is a Ponzi scheme, but is it a lie, as well? Let's look at it.

Here's what the 1936 government pamphlet on Social Security said: "After the first 3 years -- that is to say, beginning in 1940 -- you will pay, and your employer will pay, 1.5 cents for each dollar you earn, up to $3,000 a year. ... Beginning in 1943, you will pay 2 cents, and so will your employer, for every dollar you earn for the next 3 years. ... And finally, beginning in 1949, twelve years from now, you and your employer will each pay 3 cents on each dollar you earn, up to $3,000 a year." Here's Congress' lying promise: "That is the most you will ever pay."

Another lie in the Social Security pamphlet is: "Beginning November 24, 1936, the United States government will set up a Social Security account for you. ... The checks will come to you as a right." Therefore, Americans were sold on the belief that Social Security is like a retirement account and money placed in it is our property. The fact of the matter is you have no property right whatsoever to your Social Security "contributions."

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"Three cheers to Gov. Rick Perry for having the guts to tell us that Social Security is a monstrous lie and a Ponzi scheme."

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Perry Ping....

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[boomop1]

Social Security became a Ponzi scheme when it became congresses catch all tool, the only thing the government did right was the military, until yesterday when it became Queer Nation.

[fatnotlazy]

We all know SS is a scam. Perry is the only politician who has the guts to admit it.

[cumbo78]

Even the esteemed Dr. Williams gets in on the PONZI SCHEME ISSUE. AGAIN, WHO CARES! Its going bankrupt, we have a plan to save it, introduced by a Republican candidate for President, Cong. Thad McCotter (HR 2889). The plan who scored by the SSI actuary who agreed that the plan would work and NOBODY TALKS ABOUT IT! NO ANALYSES, NO COMMENTS, NO COLUMNS. SOMEONE TELL ME WHY!

[SMARTY]

With all these smart a%$ college brats running around (the same ones being terminally hosed with this BS)you'd think one or two of them would have enough smarts to do the math and forgo the Liberal emotional hype long enough to see it for what it is and ‘join’ in opposing further Liberal lies about it.

[MichaelCorleone]

The fact is the majority of Americans know Gov Perry is right on.

But it’s easier to keep their head in the sand.

[RoadGumby]

So, why not post some of what you are talking about?

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I know...and they will not let him in the debates and he is running for President.

[Retired Greyhound]

Thad McCotter voted for the debt-ceiling hike. He is too pro-Union for me.

[FromTheSidelines]

Cong. Thad McCotter (HR 2889). The plan who scored by the SSI actuary who agreed that the plan would work and NOBODY TALKS ABOUT IT! NO ANALYSES, NO COMMENTS, NO COLUMNS. SOMEONE TELL ME WHY!

Because the last time it was floated in Congress - in 2005 - it was soundly rejected by all sides. Unfortunately a majority of the US electorate will not tolerate any privatization of SS in any way, shape or form - yet. Before they - and thus, Congress - is ready to move forward with the eminently logical solution they first need to get it through their skulls that the system as it exists now IS a Ponzi scheme and is doomed to fail.

Only when the majority of the US electorate realize that change is required, then can we begin talking about solutions. Not until then - and I fear that time won't come until the entire system crashes and burns.

[cumbo78]

Read the plan. It is in no way, shape or form a privatization. You have a personal account but it is NOT funded by the payroll tax. It is done through the system but you have choices re: your plan.

[FromTheSidelines]

Read the plan. It is in no way, shape or form a privatization. You have a personal account but it is NOT funded by the payroll tax. It is done through the system but you have choices re: your plan.

HR 2889 - the Save Social Security Act, right? The one with the summary of "To reform Social Security by establishing a Personal Social Security Savings Program."?

It's not a Social Security reform via privatization/personal direction of Social Security savings - even if the summary says otherwise?

The one where section 254(b)(1)(A)(i) states "the sum of the total wages paid to, and self-employment income derived by, the participant which are creditable by the Commissioner of Social Security to the preceding calendar year, to the extent such total wages and self-employment income do not exceed the base amount for such preceding calendar year" - basically stating you use your Social Security payments as part of your funding?

Yeah... I'm not sure you can claim it's not a partial privatization of Social Security. The bill itself is part of Social Security - it says so in its title and summary. It modifies the existing Social Security code. It uses the Social Security payments you make, and current funds. It uses the Social Security structure and commissioner. It allows you to privately self-direct your investment funds.

Don't get me wrong - I'm all FOR privatization. Trying to claim this isn't, when the legislation clearly states otherwise won't win many supporters...