Social Security was dishonestly sold as “insurance” when really it is no such thing, and the funds Americans pay into the program today are really paying for the benefits of those who contributed to the program years ago. Sounds like a textbook definition of “Ponzi scheme” to us.

Washington Examiner Editorial

EXCERPTS:

“They’ve called it ‘insurance’ to us in a hundred million pieces of literature. But then they appeared before the Supreme Court and they testified it was a welfare program. They only use the term ‘insurance’ to sell it to the people,” Ronald Reagan said about Social Security in his landmark 1964 speech, A Time for Choosing. “There is no fund,” Reagan continued, “because Robert Byers, the actuarial head, appeared before a congressional committee and admitted that Social Security is as of this moment $298 billion in the hole. But he said there should be no cause for worry because as long as they have the power to tax, they could always take away from the people whatever they needed to bail them out of trouble. And they’re doing just that.”

But instead of supporting Perry’s courage in speaking frankly about entitlements, the Romney campaign wants conservatives to believe that Perry’s “Ponzi” comment automatically disqualifies him from being the GOP nominee.

FULL ARTICLE

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