Gov. Perry’s Right About Social Security


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Its website (http://www.ssa.gov/history/nestor.html) says, “Entitlement to Social Security benefits is not (a) contractual right,” adding, “There has been a temptation throughout the program’s history for some people to suppose that their FICA payroll taxes entitle them to a benefit in a legal, contractual sense. … Congress clearly had no such limitation in mind when crafting the law.” That’s the SSA’s dishonesty. After all, it was the people in that administration who said, in their 1936 pamphlet, that “the checks will come to you as a right.”

There’s more deceit and dishonesty. In 1950, I was 14 years old and applied for a work permit for an after-school job. One of the requirements was to obtain a Social Security card. In bold letters on my Social Security card are the words “For Social Security Purposes — Not For Identification.” According to the SSA’s website, “this legend was removed as part of the design changes for the 18th version of the card, issued beginning in 1972.” That’s a shameless, unadulterated lie. Because we’re idiots, we’re asked to believe that the sole purpose for the removal of “Not For Identification” was for design purposes. The fact that our Social Security numbers were going to become a major identification tool had nothing to do with getting rid of the statement.

Aside from these lies, Social Security is a Ponzi scheme. The major difference between Social Security and Bernie Madoff’s Ponzi scheme is his was illegal. Three Nobel laureate economists have testified that Social Security is a Ponzi scheme. Dr. Paul Samuelson called it “the greatest Ponzi game ever contrived.” Dr. Milton Friedman said it was “the biggest Ponzi scheme on earth.” Dr. Paul Krugman predicted that “the Ponzi game will soon be over.”

Three cheers to Gov. Rick Perry for having the guts to tell us that Social Security is a monstrous lie and a Ponzi scheme.

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  • BLJ

    Of course he is right. He is one of the few politicians with the guts to call SS what it is.

  • nyc1234

    At least he has the strength to state the truth…Occasio Ultima…
    http://www.youtube.com/watch?v=LB05kIasL80

  • Amused

    State the truth ? Truth is Social Security works , the problem is politicians have helped themselves to the piggy bank to the tune of One Trillion dollars ,of IOU's ..
    Let Perry run on that as part of his platform , and you will guarantee an Obama victory .This is just another Teabagger meme for the parrots to repeat .

  • StephenD

    Amused you had me until you bad mouthed the TEA Party. “Taxed Enough Already” folks would agree with you that the problem is that politicians, A.K.A. Government, has helped themselves to it. The truth is it COULD have worked. The money put in should be paid out…as a RIGHT. I agree. That doesn't mean it is wrong to say it has become a Ponzi Scheme. How to safeguard against this? Expect the government; the ones robbing it now, to guard it? No, the way to do it is to revamp it entirely. The fact is, if the folks that put into it had instead bought their own IRA's they'd have double or triple what they'll get from SSI. Perhaps an option to participate after the re-write will work best. If it isn't a Ponzi Scheme, the number of participants shouldn't matter.