Social Security Is a ‘Ponzi Scheme’ Rob Houglum LeadLinkMedia.com Friday, April 27, 2012
Former GOP Presidential Candidate Rick Perry made a firestorm when he called Social Security a "Ponzi scheme." Well, just this week a new report announced that the Social Security trust fund is predicted to run out of money by 2033.
Judge Napolitano commented on the revelations this A. M. on Fox and Friends, announcing that what you've invested into Social Security thinking the government was holding till your retirement, is, effectively, being used as tax bucks that the state is spending as it sees fit.
In his weekly column, Judge Napolitano wrote, "The only reason this was even reported is as we are getting near a presidential election campaign, and responding to Perry's much-derided claim, the government's actuaries, who originally said to the Obama administration and the general public the fund would be solvent till 2036, re-examined their numbers and concluded that it is going to be in the red 3 years earlier than they thought.".
Tags: Judge Napolitano, Social Security, Ponzi Scheme