John King, USA

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September 12th, 2011
01:07 PM ET

Is Social Security a ponzi scheme?

GOP pres. candidate Rep. Michele Bachmann reacts to comments made by Texas Gov. Rick Perry.

Filed under: Interview
soundoff (3 Responses)
  1. Luis Rosales

    The problem with social security is like othe government problems, mis manage. There's abuse and frankly run half a??. Govern. programs need reform, they need good managers that care about their work, not just a 9 to 5 job. Every problem because of lack of vision will end up just like the private Postal Office, out of touch with reality and broke. Luis. Pomona CA

    September 12, 2011 at 1:28 pm |
  2. Rick

    No, SS is not a Ponzi scheme yet but the Tea Party/Republicans could MAKE it one. Let's face it, people who control the means of production and the purse strings of the United States have conspired to withdraw financial support for the US government. Right Wing terrorists have colluded to destroy unions from which most of the funds for social security come from. Banks are reluctant to make loans to fledgling and existing small businesses. IN effect, by crippling the economic discourse of the middle class, these Right WIng fools are destroying jobs and subsequently diminishing the ability ot the SS fund to remain solvent in the long run. If there is any thing about the SS program that bears resemblance to a Ponzi scheme, it is being fomented by the Right.

    In all honesty though, i cannot overlook the fact that some Democrats have also been involved in fleecing the American workers and , subsequently, SS. Clinton's NAFTA is one example where license was given to corporations to outsource jobs to other countries. Obama has not addressed that move so I take it that he agrees with it. He also has used the term "entitlements" when addressing SS and medicare. TO me that was a "red herring." And while i still would vote for Obama for lack of a better choice, I realized he was a moderate Democrat when he announced that he admired Abraham Lincoln. I would have preferred him to say that he admired FDR.

    September 12, 2011 at 4:30 pm |
  3. Nate

    A Ponzi scheme is a fraudulent investment operation that pays returns to separate investors (taxpayers), not from any actual profit earned by the organization (Social Security Administration), but from their own money or money paid by subsequent investors (FICA tax) – Wikipedia (parenthesized information added to underscore a painfully true point)

    September 12, 2011 at 10:49 pm |