Rick Perry says Social Security is a "Ponzi scheme" and a "monstrous lie"

By: Corbett B. Daly
Topics: Economy ,; Tea Party ,; Campaign 2012 ,; Social Issues

Texas Gov. Rick Perry speaks at the Iowa State Fair in Des Moines, Iowa, Monday, Aug. 15, 2011.

(Credit: AP Photo/Charles Dharapak)

Republican presidential candidate Rick Perry continued his attack on Social Security over the weekend, calling it a "Ponzi scheme" and a "monstrous lie" to younger Americans who should not expect to get back their contributions upon retirement.

"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, according to the Houston Chronicle.

"It is a monstrous lie on this generation, and we can't do that to them," Perry told a crowd a The Vine Coffeehouse in Ottumwa, Iowa.

Perry has been no stranger to controversial remarks about the retirement program. In his recent book, Fed Up, Perry called Social Security a "Ponzi scheme" and said it was created "at the expense of respect for the Constitution and limited government."

Social Security was created in the wake of the Great Depression as part of Franklin Delano Roosevelt's New Deal in an effort to create a mandatory retirement system for millions of workers.

Last week, a spokesman for the Texas governor's campaign told several media outlets, including the Wall Street Journal, that Perry's book was intended "as a review and critique of 50 years of federal excesses, not in any way as a 2012 campaign blueprint or manifesto." Those comments were seen as a softening of Perry's stance on Social Security.

Asked about his apparent backtrack later in Des Moines on Saturday, Perry said he did no such thing.

"I haven't backed off anything in my book. So read the book again and get it right," Perry told the reporter, according to the Chronicle.

Corbett B. Daly
Corbett B. Daly is CBSNews.com's deputy politics editor.
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by fortuenti October 25, 2011 12:44 AM EDT: but it__IS__ a Ponzi scam... 'cept it's legal; Reply to this comment


by christianlawyer September 15, 2011 3:17 PM EDT: Social security was supposed to be a type of trust fund that we contribute into, which would hold our funds in trust, then pay them out to us when we are eligible to receive them. Feds can't be trusted in these areas. They did not segregate the funds. They took out the funds for people who did not contribute, placed them into general funds for all other purposes, and now are using the contributions from those who are currently working to pay for those who are retiring....guess what, those people will never get theirs because it has been stolen by the feds--so, study up, those who are criticizing....probably you will be some that will not receive it...It is like investments where the person collecting your money spends your money and has to keep getting investors, who will be vying for the same money you are entitled to--It is definitely a ponzy scheme--started long ago...people my age will receive it, but after we babyboomers finish, you will get nothing for the money you put in...we will live off of yours...there will be nothing left. It is all a big stupid lie. ALso, they are giving the money to disabled people, who did not pay in...this too is part of the ponzie scheme....sorry to burst your bubble--you cannot trust the feds with money.; Reply to this comment


by bowlan2112 September 8, 2011 10:04 AM EDT: how many stuped basterds out there are going to vote for this looser.perry was hand picked by the Bilderberg Group as the b.o.replacement.
this guy was hand picked by the Bilderberg Group because he is willing to follow threw with the very same egenda as b.o.had followed.if you morons fall for and vote for poerry your gonna wish you hadent.its about time people start researching these canedates instead of simply beleiving what they say.; Reply to this comment


by Patrickdh10 September 2, 2011 12:20 PM EDT: Why does Perry care. His corporate pals have filled his pockets so full of 'contributions' that he won't even need social security.; Reply to this comment

by starman5409 September 1, 2011 5:18 PM EDT

The "monstrous lie" only happens when Perry opens his mouth and sticks both feet in.

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by SJames6621 September 2, 2011 1:10 AM EDT: this is the classic lie and backoff

Once the damage is done - eg the repubs are all whipped up further to destroying our old folks economic security, then..........
they say it was a mistake

Of course the mistake isnt heard by the repubs.

its the classic example of psychologies "the bad is louder then the good"


by uptothegills September 1, 2011 8:44 AM EDT: There is absolutely no question about Social Security. Changes are very much needed. In looking for a fix I can only see Rick Perry making things work. I also think that if Perry was given his way the program would be scrapped all together. He will not get his way however because the people of the US would rise up in unprecedented numbers to prevent it. Already millions are threatened by various changes. Benefits will be cut. The age of qualification will continuously be lifted so that millions will only survive for a couple of years once they do reach those eligibility years. In no way will they even approach the amount they have paid in to all of their working years. People are being forced to continue working long passed the time they should qualify, even if sick or disabled. It is a real shame and it would be of great benefit if the federal government paid back the billions they have borrowed from Social Security, but how do you pay that back when you don't have the funds to do so?; Reply to this comment

by noloyalisti August 31, 2011 7:43 PM EDT

Isn't this the Republicon Corporation Billionaire slave Perry who gave TX it's current $27 BILLION deficit? The governor of the state with the MOST minimum wage jobs in America. This failed idiot?

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by SJames6621 September 2, 2011 1:13 AM EDT: and hes also got the 4th worst score on educational achievement in the state

and the KKK rides again - remmeber James Byrd - the black man dragged t o death in TX in 1999.

It was to create more hate and a new KKK chapter.

those are the kind of people who follow perry.


by SJames6621 September 2, 2011 1:13 AM EDT: and hes also got the 4th worst score on educational achievement in the state

and the KKK rides again - remmeber James Byrd - the black man dragged t o death in TX in 1999.

It was to create more hate and a new KKK chapter.

those are the kind of people who follow perry.


by noloyalisti August 31, 2011 7:39 PM EDT: Yeah, idiot Tea Bag foo. It's only the country's most successful social program in history. It's only the best insurance program in America with less overhead than any other program. And has a $2.6 trillion dollar surplus which is why the Republicon Corporation has their greedy eyes on it.

You can't make up Tea Bag stupid, it's a special level of idiocy.; Reply to this comment


by petejensen August 31, 2011 5:56 PM EDT: Remember that it took collaboration between a Democrat (Tip O'Neill) and a Republican (Ronald Regan) to start raiding the Social Security Trust Fund. Politics at it's finest!; Reply to this comment


by NotPartyControlled August 31, 2011 3:22 PM EDT: You know you can always believe what a politician says, especially when he is campaigning. They would not just say stuff to get elected.; Reply to this comment