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 Perry Op-Ed: I'm 'Honest' About Social Security

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PostSubject: Perry Op-Ed: I'm 'Honest' About Social Security   Mon Sep 12, 2011 5:57 pm

Perry Op-Ed: I'm 'Honest' About Social Security


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Presidential candidate Rick Perry has defended his claim that Social Security is a "Ponzi scheme," saying that the first step to fixing a problem is admitting it exists.

"Americans deserve a frank and honest discussion of the dire financial challenges facing the nearly 80-year-old program," Perry wrote in an opinion piece in USA Today.

"These are the hard facts: Social Security's unfunded liability is calculated in the trillions of dollars. Last year, annual Social Security outlays exceeded annual revenues for the first time since 1983," wrote the Texas governor.

"The Congressional Budget Office projects that outlays will be roughly 5 percent greater than revenues over the next five years, worsening as more and more baby boomers retire."


Rick Perry Perry has long described Social Security as a Ponzi scheme. He doubled down on his criticism of the system during Wednesday night's GOP presidential debate, when he also called it a "monstrous lie." Although he repeated the substance of his argument in his piece for USA Today, he did not repeat his use of either phrase.

"By 2037, retirees will only get roughly 76 cents back for every dollar that is put into Social Security unless reforms are implemented. Imagine how long a traditional retirement or investment plan could survive if it projected investors would lose 24 percent of their money?" he wrote.


Well is it true or not? I rest my case!!!

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