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.”
COUNTDOWN TO 2012 ELECTION
2012 REPUBLICAN NATIONAL CONVENTION
- A 2014 Health-Care Strategy: Freedom
- Gutting Obamacare Is Playing With Lives
- Architect Undermines Obamacare Foundation
- Gruber: "It Was Just a Mistake"
- Another Minnesota Miracle?
- Israel Is Losing the Moral High Ground
- Why Are Liberals So Hostile Toward Israel?
- One Hour and 57 Minutes in Arizona
- Could Arizona Fiasco Lead to Firing Squads?
- Hidden Impacts of Climate Change
- U.S. Durable Orders Rebound in June
- New-Home Slowdown Pressures Recovery
- Truce Brokers Consider How to Aid Gaza
- IMF Cuts U.S. 2014 Growth Forecast to 1.7%
- Gasoline Costs Lift Inflation Gauge
- U.S. Existing-Home Sales Hit Highest Level Since October
- Hedge Funds Saved Billions in Tax: Senate
- EU Infrastructure Cutbacks Worry Economists
- This Way Up: Mobility in America
- Blame It on the Rain: Housing Starts Sink 9.3%
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