Gov. Perry: Social Security Is Bankrupt And A ‘Ponzi Scheme’

Yesterday, Texas Governor Rick Perry stopped for some barbecue in San Antonio while promoting his new book, Fed Up!

Perry gave a 12 minute speech at the diner, taking on the federal government, health care reform and Social Security.  In the speech Perry stated that ObamaCare must be repealed “in its entirety.”  Afterward, he attacked Social Security in a news conference, calling it a bankrupt “Ponzi scheme.”

From My San Antonio:

…Perry pushed for a repeal of Obama’s health care legislation “in its entirety.”

“You can’t go through this piece by piece. You need to repeal it in its entirety,” he said. “Then let’s have them start anew from the premise that the states can better handle these questions.”

Perry criticized President Franklin D. Roosevelt’s New Deal and an early 20th-century “progressive era” movement that “gave the federal government access to our wallets via taxation.”

Calling the New Deal “a glut of federal programs,” Perry said the creation of the Social Security system did very little to end the Great Depression.

“Unfortunately, the New Deal has essentially become the third rail of American politics that indiscriminately kills the political careers of any leader bold enough to criticize it or any program it created,” he said.

In a post-speech news conference, Perry further attacked Social Security — as he did in his book “Fed Up! Our Fight to Save America from Washington” — and said he did so to create a “national dialogue.”

“I want people to be afraid not to talk about that Social Security is bankrupt and is a Ponzi scheme and if you’ve got a young 20-something-year-old, they know for a fact that they’re not ever going to see that,” he said. “So let’s fix it.”

Perry is still denying that he is gearing up for a presidential run, but that is not stopping the speculation.

  • Paul

    Gov Perry calls it a ponzi scheme because a ponzi scheme is something he can relate to. When government uses Social security money to invest in America's infrastructure it builds an economic base that will support jobs which pay social security taxes in addition to providing opportunity for people. Republicans have used Social security surpluses to cover the tax cuts for the rich that they hand out to themselves.

  • Jason

    I agree with Gov. Perry. If the Federal Beauracrats in Washington had kept their damn hands out of Social Security, it would not be bankrupt. They seen money layin around, and decided it was there for the taking not caring what or who it was for, but at the same time….it is also the people's responsibility to take care of themselves not rely on the government and their handouts. You control your future, not them. You want it, work for it and save.