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
- Hillary Clinton Bets Big on President Obama
- Face It, Bernie Sanders Is Obama's Real Successor
- Why Do We Tolerate Racial Profiling in Politics?
- Nothing New on the Right About Trump's Bigotry
- I Can't Hate Donald Trump
- Why Sanders' Win Is Good for Clinton
- Rubio Is Robotic, But Not Out of It
- Hillary Clinton Doesn't Deserve the Black Vote
- House Conservatives Push for Lower Budget Numbers
- In Syria, Russia Is the Real Threat
- Clinton, Sanders Clash Over Cost of Plans
- Clinton's Wall Street Talks Were Highly Paid, Friendly
- Marco Rubio Talks Up Foreign Policy Expertise
- Kasich Places Big Bet on Midwest Support
- Clinton Wins Backing of Congressional Black Caucus
- Speaker Ryan Casts Doubt on House Support for Pacific Trade Deal
- Democrats Tussle Over Bill That Contributed to the Financial Crisis
- A Look at the Calendar, Polls, Money and More
- Who Is Bankrolling 2016 Election?
- The Democratic Battle on Facebook
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