From NEWSMAX:
More than half of likely Republican primary voters agree with Rick Perry that Social Security is like a “Ponzi scheme.”
A new Wall Street Journal/NBC News poll finds that 54 percent agree that the retirement program resembles a Ponzi plot, which is fraudulent system to collect more money than it pays out. Only 41 percent disagreed.
In contrast, 64 percent of the electorate as a whole disagree with the Texas governor on Social Security, while 29 percent endorse his view…
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EDITOR: Social Security, like a ‘Ponzi Scheme’, from the start used funds paid by all contributors to pay benefits to the newly retired. However, everyone will receive benefits from Social Security for two reasons: Modest tweaks will make revenue levels self-sustaining for at least half a century and payments are will be assured by the Federal government.
What Perry and others ignore is that by enabling the elderly to be economically self sufficient, the responsibility for their support was lifted from the shoulders of the younger generations. This isn’t money wasted; it is an investment in dignity for the elderly and privacy for the younger.
