Posted on 08/29/2011 11:34:13 AM PDT by reaganaut1
Texas Gov. Rick Perry is standing firm in insisting that Social Security, the federal government’s insurance programs for retirees and disabled, is a Ponzi scheme designed to deceive the young.
In a weekend campaign stop in Ottumwa, Iowa, Perry, who has surged into the lead in the Republican presidential sweepstakes in at least one major poll, repeated his characterization of the social insurance program that is generally supported by the electorate. He has made the same point before, especially in his book, “Fed Up!,” though at one point his campaign tried to explain that he had softened his language.
“It is a Ponzi scheme for these young people,” Perry insisted. “The idea that they’re working and paying into Social Security today, that the current program is going to be there for them, is a lie.”
At a later stop in Des Moines, he also threw cold water on his own campaign’s efforts to portray his position in a more tempered light. “I haven’t backed off anything in my book. So read the book again and get it right,” he said.
Perry’s stand is the type of vintage ferocity that the governor has generated in his Texas political career and even in his limited time as a GOP presidential hopeful. For example, he has suggested that Federal Reserve Chairman Ben S. Bernanke would be behaving in a “treasonous” fashion, if he loosened the money supply in a presidential election year.
Despite complaints from some quarters that his choice of words in condemning the Fed was too strong, Perry has stood firm in that area as well, raising questions about when a colorful and forceful position crosses the line into political gaffe.
(Excerpt) Read more at latimes.com ...
In a Ponzi scheme, you get paid something from the people that sign up after you.
It is much worse than a Ponzi scheme.
I have paid into Social Security for 32 years and have yet to a a penny of what I have paid in.
In the statement they send me, it says in effect “this statement is meaningless because we can pass laws at any time that can reduce your benefits or eliminate them entirely”.
In the MSM, the truth is a gaffe.
If these Marxist-loving perverts in the MSM want to stay on this issue, Perry need only ask these scum one question back in response: What’s the current account balance of the Social Security “lockbox”?
I agree with him.
You mean kinda like how the Federal govt gives funds to those at private universities? Where did that get us? A lot of defaulted student loans and colleges overcharging for worthless degrees while propping up their universities with needless arenas and "wellness" centers.
And that someone is running for president. All the others tip toe around this issue, and others.
Not Mr. Resolute, Rick Perry!
I have to give Perry this one, as long as he holds firm on this. Few (or NO) Republicans have the guts to say this. I know even Jim DeMint is still claiming a SS surplus is funding it and so it’s not adding to the debt as Democrats claim.
No I dont like Perry’s Dream Act for illegals. Different subject.
And then what will SS do with the cash? Put it in a lock box and let inflation eat away it's purchasing power?
Or Invest it? And if invest it, then where? Certainly not U.S. government securities, cause that's what we are doing now, and that's one hand borrowing from the other. Maybe Greece government securities? Or Communist China Government securities?
Or perhaps the stock market. SS would depend on the ups and downs of the market and government would own a massive share of corporate stock.
U.S. government securities is the safest place to invest the funds. It does mean that future tax payers are going to have to redeem those securities. But if you put cash away in a lockbox and then drew it out and spent it on SS, you'd be diluting the money supply of the future taxpayers anyway.
If we continue to concede the debate to the collectivist demagogues then we will continue to tax and spend our nation into oblivion.
Now is the time for all conservatives to relentlessly demand an honest, clear-eyed debate on the future of Social Security and Medicare.
Rick Perry seems willing to lead this crusade. If other GOP hopefuls are unwilling to show equal courage on this critical issue then I will withhold my support from them.
Is there any person not a frigging idiot that thinks it isn’t?
It is up to us to help Rick Perry convince the public that it is long past time for the truth.
Yes, the 'Rats will certainly say this. That is where we the people come in.
Hence the “trust fund”. Just as in insurance policies, the current claims are paid out of the fund/reserve that is set aside for that purpose.
However, the language had to be changed from “premium” to tax in order to be ruled constitutional. Since then, the rhetoric has morphed to present it as a “retirement plan”, with people who are perfectly able to work, retiring and drawing the benefit they are “entitled” to.
If the age for benefits is raised(phased in), and the income caps removed, and the formula for calculating benefits is adjusted, solvency for future years can be maintained. Those wishing to retire earlier may do so by saving additional money in 401k, IRAs, etc. for their early retirement.
Medicare is the larger problem, and the first step there should be repeal of Obama care and return the money stripped from Medicare back to the program.
When the U.S. Treasury "buys" U.S. Treasury bonds it is lending money to itself and then spending the money on current outlays.
This is not investment.
It may be obvious, but no other politician has the ‘nads to say it.
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