Tuesday, September 20, 2011

BROKEBACK MOUNTAIN 2: Extremist Paul Ryan Agrees with Rick Perry about Social Security being a Ponzi Scheme! Should we be Surprised?

WASHINGTON -- Speaking on (extreme right wing) conservative radio on Tuesday, Rep. Paul Ryan (R-Wis.) agreed with Texas Gov. Rick Perry's (R) claim that Social Security is a "Ponzi scheme." When asked by host Laura Ingraham on Tuesday whether the country's social insurance program is a Ponzi scheme, Ryan replied, "That is how those schemes work." "So if you take a look at the technicality of Ponzi -- I would -- it's not a criminal enterprise," he said, according to a transcript. "But it is 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."

Democrats immediately criticized Ryan's comments.

"Republican Budget Committee Chairman Paul Ryan's belief that Social Security works like a Ponzi scheme proves -- once and for all -- that House Republicans have really declared war on seniors," said Jesse Ferguson, a spokesman for the Democratic Congressional Campaign Committee, in a press release. "A Ponzi scheme is Bernie Madoff ripping off Americans -- not Social Security benefits that seniors earned and depend on during retirement."

Ponzi schemes, made famous in 1920 by Charles Ponzi, are predicated on delivering large returns to investors with money received from new investors. The Securities and Exchange Commission definition of a Ponzi scheme is, "an investment fraud that involves the payment of purported returns to existing investors from funds contributed by new investors."

Perry called Social Security a Ponzi scheme in his 2010 book Fed Up!, and he defended the characterization in a Sept. 7 GOP presidential debate. Since then, some Republicans have come out in support of the governor, including Indiana Gov. Mitch Daniels (R) who said, "As far as it [Social Security] goes, absolutely it is a Ponzi scheme."

Additionally, this past June, Reps. Pete Sessions (R-Texas) and Jeb Hensarling (R-Texas) introduced legislation that would allow workers to partially opt out of Social Security immediately and fully opt out after 15 years.


Vicente Duque said...

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Jerry Lewis and many of his friends speak here about the need to hear Arizona Businesses and help to improve Arizona's future. This is a school principal, teacher, educator, businessman, churchman and community man.

It is necessary to listen to what 60 of the most important businessmen of Arizona say about mistguided policies in Arizona. ( A famous recent letter asking for moderation and rationality ! )

Why Vote for Jerry? - The Candidate speaks here ( Jerry Lewis himself )



Thoughts on this election



Clint Smith, Co-Chairman of Jerry's Campaign



Dea Montague, Co-Chairman of Jerry's Campaign



Jevon Lewis, a teacher at Jerry's school



John Giles, former Vice-Mayor of Mesa, and Co-Chairman of Jerry's Campaign



Why we support Jerry Lewis


Anonymous said...

Keep smearing those Republican candidates that you view as a threat to Obama's re-election. Most of us support neither Perry or Ryan. The joke is on you!

Dee said...

Bad Anon,

You are hilarious!

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