Daily Archives: September 21, 2011

Rep. Ryan: Rick Perry is right on Social Security – The Hill’s Blog Briefing Room

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.”

via Rep. Ryan: Rick Perry is right on Social Security – The Hill’s Blog Briefing Room.