Why Does Rep. Paul Ryan (R-Wis.) Hate America's Senior Citizens
The Republican chairman of the House Budget Committee on Tuesday drew fire from Democrats for backing Texas Gov. Rick Perry’s description of Social Security as a “Ponzi scheme.”
Social Security fits the technical definition of a Ponzi scheme, Rep. Paul Ryan (R-Wis.) told conservative Laura Ingraham on her radio show.
“It’s not a criminal enterprise, but it’s a pay-as-you-go system, where earlier investors — or say, taxpayers — get a positive rate of return, and the most recent investors — or taxpayers — get a negative rate of return,” he said. “That is how those schemes work.”
Perry’s description of the Social Security as a “Ponzi sceheme” has been attacked by former Massachusetts Gov. Mitt Romney, Perry’s leading challenger for the GOP presidential nomination. Romney criticized Perry for scaring seniors and wanting to abolish the program, warning that the Republican nominee needs to work to reform the program.
“They’re both right,” Ryan said of Perry and Romney. “[Social Security] is not working, it is going bankrupt, and current seniors will be jeopardized the most by the status quo.”
The Democratic Congressional Campaign Committee pushed back against Ryan’s comments.
“Ryan’s belief that Social Security works like a Ponzi scheme proves — once and for all — that House Republicans have really declared a war on seniors,” DCCC spokesman Jesse Ferguson said in a statement. “A Ponzi scheme is Bernie Madoff ripping off Americans — not Social Security benefits that seniors earned and depend on during retirement.”
Rick Perry, Paul Ryan, Mitt Romney and all the millionaire pundits at Fox News have a plan for the 20 million Americas who Social Security keeps out of poverty - they can sleep in alleys and under bridges where they can enjoy their daily can of dog food. Social Security is NOT a Ponzi Scheme, Dammit! (copiously sourced)
Many of my most reasonable friends buy into the myth that Social Security is in deep trouble. It’s so accepted and commonly heard amongst major media talking heads, not to mention Republican politicians. In the debate held 9/7/11 at the Ronald Reagan Presidential Library, Rick Perry notoriously labeled Social Security a “Ponzi scheme” and “montrous lie.”
What are the facts about Social Security’s solvency?
Well, Social Security continues to be in better shape than everything else in government. It has run a surplus not a deficit for the majority of its years in existence.
Reasonable entities (meaning parties like the Congressional Budget Office not right-wing hysterics) assure us that Social Security will continue to be able to operate paying full benefits for the next 25 years.
Lawrence Mishel. Economic Policy Institute.
Top 5 Social Security Myths. MoveOn.org.
Straight Facts on Social Security [pdf]. Economic Opportunity Institute.
Why do these know-nothing American hating conservative fanatics want America to believe Social Security is a scheme, so they can funnel those funds to their fiends on Wall St. It was conservatives and their Wall St pals who drove the US economy off the cliff. How can America trust them with the financial security of retirees. It is time for America to wake up and stop believing that conservatives are patriots who care about America.