Perry: Social Security Is A “Monstrous Lie”

Doubling down on his comments about Social Security being a “ponzi scheme,” Perry is now calling the nation’s largest wealth redistribution program a “monstrous lie.”

“If you’re for the status quo in America, I’m not your guy,” Perry told an overflow crowd eager to see the presidential candidate at The Vine Coffeehouse, where people repeatedly sang God Bless America – once to try to encourage Perry to come in from shaking hands with people outside.

Asked by a woman in the crowd about Social Security being viewed as an entitlement program, Perry reiterated the suggestion in his anti-Washington book, Fed Up!, that the program amounts to a Ponzi scheme.

“It is a Ponzi scheme for these young people. The idea that they’re working and paying into Social Security today, that the current program is going to be there for them, is a lie,” Perry said. “It is a monstrous lie on this generation, and we can’t do that to them.”

Social Security is currently in deficit, meaning it must now pay out more in benefits than it collects in payroll taxes, and given that the Social Security Trust Fund is nothing but US Treasury Bonds that deficit in the program adds to the national debt.

According to the Social Security program’s trustees the program will be in deficit for the foreseeable future, and the only fix being proposed is one that has people who spent a lifetime paying into the program getting even less out of it than they already do.

Which only firms up Perry’s contention that this is a ponzi scheme. Because that’s how those schemes work. You take from the bottom to pay up the pyramid, but when the pyramid becomes ungainly the payments to the top necessarily become lighter and lighter.

It is a monstrous lie. Younger Americans would be fools to count on Social Security paying out for them the way it has for past generations. Thank goodness Perry has the honesty to tell the truth.

Rob Port is the editor of In 2011 he was a finalist for the Watch Dog of the Year from the Sam Adams Alliance and winner of the Americans For Prosperity Award for Online Excellence. In 2013 the Washington Post named SAB one of the nation's top state-based political blogs, and named Rob one of the state's best political reporters.

Related posts

  • SigFan

    Monstrous lie, Ponzi scheme, whatever you want to call it, it is unsustainable and will someday be recognized as one of the greatest frauds ever perpetrated.  Until then, the left will continue to deny the truth and defend a program that never should have been started. 

    • Bat One

      The Left will never acknowledge the truth about Social Security.  Everything the Left says and does is based on the lie that what they are doing for the “underserved” and the “victims” of society justifies taking more and more wealth and more and more freedom from those who are productive and self-sufficient in our society.  And those on the Left will fight with their last dying breath to keep their lie alive.

  • realitybasedbob

    Yes, this is a real winner for gop.
    gop should run with the abolish Social Security platform.

    Shout it from the rafters, gop!
    Commission a parade, wear the buttons and ribbons, stand tall and make your speeches, commandeer your “news” channel and produce infotainment with pretty blonds mouthing the words: Social Security must die!

    Real Americans must hear your message now!

    (hat tip to Neiman for the exclamation points)

    • Atilla

      Social Security is going to die on it’s own whether you like it or not and there’s nothing you can do about it BUT reform it.

      • realitybasedbob

        Shame that we didn’t listen to Al Gore and put it in a lock box.
        Who was it that SCOTUS made the president that year?

        • Bat One

          Who was it that SCOTUS made the president that year?

          Why, I believe it was that GOP guy who tried on three separate occasions to get the Democrats to sit down and talk about fixing Social Security.  The Dems, of course, refused to even discuss what any tenth-grade arithmetic student could see was coming, and here we are, its 2011, and the Democrats STILL haven’t a clue what to do about Social Security, Medicare, or Medicaid spending and what those “entitlements” will be doing to the national debt over the next 30 years.  So instead, we are mired in yet another year of 9% / 16% unemployment, no economic growth, $4.5 trillion more in debt, and a budget deficit of $1.4 trillion and rising as far as the eye can see.

          Gore’s “lockbox” was as fraudulent as his global warming horseshit, or that sob story about his sister… or his discovery of Love Canal, or his invention of the internet, or the Texas forest fires he fought in person, or his Vietnam heroics, or his support for the 2nd Amendment, of his inspiration for Eric Segal’s “Love Story”, ad nauseum.  

          Hell, the idiot blowhard couldn’t even carry his home state… which would have made him president despite the FACT that he lost Florida.

        • Proof

          The only thing in Al Gore’s “lockbox” was I.O.U.s, boob. And you must be thinking of the Florida Supreme Court that tried re-writing Florida State election law to allow selective recounts and illegally put The Goreacle in office.
          Or as some liberals honestly admitted, “The Supreme Court stopped the voting in Florida” (after the polls had already closed).

  • Jamermorrow

     Social Security is a wealth transfer from the young to the old. Old people living off of young people. It is nothing but theft and robbery.

  • Neiman

    It can be fixed, we can and should honor our commitments, but the Left will just keep it ballooning out of control until it explodes, while the Right will try and shut it down completely and to hell with our commitments. Neither side really wants to fix it; Ryan tried, as did G.W. Bush, but neither side in Congress or in the country really want it fixe, it is too good a stick to beat the other side with if they try. Means testing, raising the retirement age and rolling out a transitional program to a private, much better system for those not now on or near retirement age will work, only problem is NO ONE wants it to work.

  • syantiss

    Sad thing is that in it’s original form, this ponzi probably could have been one socialist program that actually worked. But then politicians stepped in and assured the programs destruction, and set the US up to go down with it.

    Watching them dibble with the program is like the crew of the Titanic patching holes with sugar cubes.

    • Bat One

      Sad thing is that in it’s original form, this ponzi probably could have been one socialist program that actually worked.

      Ha!!!  Only if you believe that liberal politicians and liberal, union, bureaucrats can be trusted to keep their hands and their political ambitions off of other people’s money.