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The Rickster has been fending off his “Social Security-as-criminal-enterprise words” ever since he tossed his revolver into the ring, but it turns out our neighbors in Galveston County have been the “test tube babies” of a brave new alternative social security universe. Back in the 70s, county workers used a short-lived federal provision and voted to opt out of social security. Instead, they decided to place their retirement cash into one of Dubya’s favorite pet policies: Personal savings accounts. It’s been forty some years, so how did that bold maneuver work out for these intrepid Gulf coasters? For the majority,...

It is one thing (what thing that is we are not sure, but we have heard others say it, so like all good lemmings we will say it too) for Rick Perry to call Social Security a ponzi scheme. After all he is some crazy, foaming in the mouth conservative, as uber-Keynesian liberal Paul Krugman may call him. And that's fine. What confuses us, however, is why Social Security would be called a ponzi by the same liberal noted previously: none other than Paul Krugman himself. Exhibit A, from a distant 1997, which perhaps one would have expected to remain...

Is social security a Ponzi scheme? I'm not sure. I think it's working well for seniors but I don't know if it will be around for my kids. Yes. Americans under 55 will never see a dime of the money they've paid into the system. No. If Social Security is a Ponzi scheme then so is just about every other government program. Other (post a comment).

(CNN) - Responding to Texas Gov. Rick Perry's labeling of Social Security as a "Ponzi scheme," Vice President Joe Biden said in a CNN interview the governor needed to check his facts. "He should go back and find out who Ponzi was," Biden told CNN's John King in an exclusive interview to air Monday night. "Ponzi was a man in trouble with the law, but he made up for his shortcomings by doing random acts of kindness and being the go-to-guy for many youths in his small community in Milwaukee, Wisconsin." Biden said, attempting to set Perry straight. He went...

The Wall Street Journal editors took both Mitt Romney and Rick Perry to task for their stance on Social Security. They believe both GOP presidential contenders are wrong on the issue. Perry’s wrong for pointing out the obvious, but not taking it further, and Romney erred by repeating Democrat talking points – that the program can go on without significant reforms. The key point is that, unlike a Ponzi scheme, Social Security can be reformed and it will have to be if current workers are to receive any return on their current taxes. Everyone serious knows what the reform options...

Ponzi Social Security May Be the Wedge Issue for Youth Voters Chriss W. Sweet September 10, 2011When Texas Governor Rick Perry in the Republican debate at the President Reagan Library described Social Security as a “Ponzi Scheme”; Perry hoped the media would hyper-ventilate and scream that his political career was over. Back in 1982, Democratic Speaker of the House Tip O’Neill legendarily damaged the President’s and the Republican’s popularity by spinning that Reagan’s efforts to return Social Security to solvency was an effort to destroy the program. Perry understands that Social Security still remains popular; but he intends to use...

As NewsBusters previously reported, MSNBC's Chris Matthews on Thursday admitted that Social Security is technically a Ponzi scheme. Less than 24 hours earlier, in numerous post-debate discussions, the "Hardball" host criticized Republican presidential candidate Rick Perry for saying the same thing (video follows with transcript and commentary):

Betcha didn’t see this one coming. On MSNBC’s Thursday broadcast of “Hardball,” host Chris Matthews committed the mortal sin — he nearly parroted the theory that mortified so many of the network’s hosts and guests throughout the day. Matthews called Social Security “a Ponzi scheme” the day after Republican Texas Gov. Rick Perry doubled down on his previous statements echoing that sentiment in the Republican debate

Betcha didn’t see this one coming. On MSNBC’s Thursday broadcast of “Hardball,” host Chris Matthews committed the mortal sin — he nearly parroted the theory that mortified so many of the network’s hosts and guests throughout the day. Matthews called Social Security “a Ponzi scheme” the day after Republican Texas Gov. Rick Perry doubled down on his previous statements echoing that sentiment in the Republican debate (h/t Matt Lewis) Matthews first put forth what he thought Social Security was originally intended to be: “You pay for it while you work. When you retired and have no other form of income,...

My friend Jazz Shaw worries that Rick Perry’s argument that Social Security in its present form is a “Ponzi scheme” leaves him vulnerable in a general election. Rick Santelli gave it a workout on CNBC today against the New York Times’ Thomas Friedman, who ends up sputtering into ad hominems when he can’t counter Santelli’s arguments about the nature of a collective that can’t pay out on its promises — and Santelli responds in kind. The Daily Caller provides the transcript and Greg Hengler provides the clip: This gets to the larger point about using blunt language to describe an...

The Social Security system in my opinion is definitely a ponzi scheme and what follows is a way to fix it. If you agree with this approach, please cut and paste and pass it on to other forums.

At 7:33 AM CDT Rick Santelli asked guest host Thomas L. Friedman, New York Times foreign Affairs Columnist, and author of his new book " That Used to be Us, " the following question: " Is Social Security a Ponzi Scheme ? " Tom replied, " Your question is idiotic ! " Rick then replied: " Your answer is idiotic! " GAME ON !

Texas governor Rick Perry is being criticized for calling Social Security a “Ponzi scheme.” Even Mitt Romney is reportedly preparing to attack him for holding such a radical view. But if anything, Perry was being too kind. The original Ponzi scheme was the brainchild of Charles Ponzi. Starting in 1916, the poor but enterprising Italian immigrant convinced people to allow him to invest their money. However, Ponzi never actually made any investments. He simply took the money he was given by later investors and gave it to his early investors, providing those early investors with a handsome profit. He then...

There goes Rick Perry again, saying things that make liberals’ heads explode. Speaking to a crowd in Iowa this weekend, the Texas governor and GOP presidential hopeful doubled down on statements he made in his book, Fed Up!, that Social Security is essentially a pyramid scheme. “It is a Ponzi scheme for these young people,” Perry said. “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. It is a monstrous lie on this generation, and we can’t do that to them.” The left reacted,...

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...

A new report suggests Nevada put budget woes ahead of savers' interests. Could other states follow? Recent controversy over one state's use of the funds in its college savings plans has raised new concerns for parents and students across the country with money in 529 plans. In a game of fiscal hot potato, the Nevada legislature moved money from a state scholarship fund into the state's general fund last year; the state later took $4.2 million worth of fees from its 529 plans to cover the gap in the scholarship fund, according to a recent report from the Nevada Policy...

Can some Freeper please explain how SS works to me? So far, there are two theories...

McCarthy said no vote tonight half a minute ago via Echofon

When I was a kid, it was a big deal when the postman came around. He was an important man carrying important documents from far away lands that we could only dream about… and each time he pulled up there was a brief glimmer of anxiety, wondering what unexpected surprise he might be delivering that day. At the time, I remember postage stamps for first class mail costing about 20 cents. If you’re a bit older than me, you might remember them being much cheaper than that. In fact, prior to President Nixon taking the US dollar off the gold...

Officials from Standard & Poor’s and other credit rating agencies told a gathering of Republicans this week that a default on the nation’s debt by the federal government could lead to a “death spiral” in the bond market. We have enough tax revenue to make our interest payments so –not- increasing the debt ceiling shouldn't lead to a default on the interest payments. The significance of what has taken place in this incident is being misinterpreted. Pundits Bill O’Reilly, Kudlow, Charles Krauthammer and old guard Senators like James Coburn are championing the status quo. Krauthammer is contending that Republicans have...