SS is a Ponzi Scheme and saying it loud and clear without fear, well I thought that was memorable. Just sayin.
Opinions vary.
Social Security, by it’s very nature is a Ponzi scheme: people at the top being paid off by people on the bottom paying in. When the number of people at the bottom paying in shrinks, they can’t pay out to those on top, and it inevitably collapses. This is not rocket science, and nothing new. The WSJ has been talking about SS as a Ponzi scene for 30+ years.
A Ponzi scheme is a fraudulent investment operation that pays returns to separate investors, not from any actual profit earned by the organization, but from their own money or money paid by subsequent investors.
That's precisely how Social Security operates...most Americans think they are getting back what they "paid in" - they are not. Perry is correct...he could have been much clearer in defending himself, though, in explaining this definition and pointing out the fact this is precisely how Social Security operates.