Social Security Is a ‘Ponzi Scheme’ Rob Houglum LeadLinkMedia.com Friday, April 27, 2012
Former GOP Presidential Applicant Rick Perry created a firestorm when he called Social Security a "Ponzi scheme." Well, just this week a new report announced the Social Security trust fund is expected to run out of cash by 2033.
Judge Napolitano commented on the revelations this morning on Fox and Friends, asserting that what you've invested into Social Security thinking that the government was holding till your retirement, is, essentially, being used as tax bucks the state is spending as it sees fit.
In his weekly column, Judge Napolitano wrote, "The only reason this was even reported is as we are approaching a presidential election campaign, and in response to Perry's much-derided claim, the government's actuaries, who originally informed the Obama administration and the general public the fund would be solvent until 2036, re-examined their numbers and concluded that it is going to be in debt 3 years earlier than they thought.".
Tags: Judge Napolitano, Social Security, Ponzi Scheme