Rick Perry Calls Social Security a Failure and a Ponzi Scheme

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From the Star-Telegram preview of his latest book:

In its 240 pages, Perry covers a wide range of federal issues far beyond those he's touched on repeatedly on the campaign trail this year.
 
He calls social security a “failure” and compares it to a Ponzi scheme.
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About Author

Phillip Martin

Currently the Research and Policy Director for Progress Texas and the Texas Research Institute, Phillip Martin writes occasional long-form pieces for BOR that promote focused analysis and insight into Texas politics. Born and raised in Austin, Phillip started working in politics in 2003 and started writing on BOR in the summer of 2005. Phillip has worked for the Texas Democratic Trust, the Texas Legislative Study Group, and now the Progress Texas family. He is a lifelong Houston Astros fan, a loyal Longhorn, and loves swimming at Barton Springs Pool.

13 Comments

  1. Obviously he is trying to play up the populism language
    But, I do think a real issue is how none of the defined benefit plans are economically viable.  Even the NYT admits as much and outflows surpassed inflows years ahead of CBO estimates

    http://www.nytimes.com/2010/03

    In the next 10 yrs a lot of starts are going to have to make some hard choices with regards to cutting benefits for retirees.  I am not sure how you can't say social security is not a failure based on the current structure it will be done in 25 yrs.  I know that unless changes are made (raising when you collect it, or decreasing payouts) I won't see a dime when I hit the age to collect

    Unless your math is different, the defined benefit plans are going to eat up to large a percentage of city, state and county's budgets

  2. LOL
    Slick Rick Perry will do anything to avoid talking about the $18-23 billion budget short fall that happened on his watch.  I understand Mr. Twilight Zone doesn't think there is a shortfall despite the fact that members of his own Party, specifically Joe Straus told him about it months ago. I guess this also explains why Slick Rick was too chicken to debate Bill White.  

     

  3. Joe??
    Not sure to whom your comment was directed.  I was responding to Perry's strong language about social security being bankrupt and not really a true Ponzi scheme.

    I love how people can't stay on point in regards to the comment section.  Is understanding the math involved in the social security/defined benefit plan problem too difficult to understand.

    Libby, do you live in Houston??  I do and voted at West Gray and believe me if there was all of this mythical voter intimidation out there it would be on the local news and the state reps for these areas (all Dems) would be out complaining.  But they aren't because it is not happening.  

    • I voted at the Fiesta Mart across from Reliant
      Stadium where there was a big glowering thug with one mother of a camera standing within 30-40 feet of the voting poll.  He clearly violated Texas law as cell phones, cameras and recording devices are prohibited within 100 feel of a voting poll.  Fortunately everyone walked right past him and lined up to vote.

      A gay man at the West Gray poll who held a Bill White sign was assaulted by another teabagger thug late last week.  Fortunately police intervened and the thug was charged with assault.  

      You must not read the Houston Chronicle or watch local news.  

    • It is happening
      Lie about all you want, but it's happening. The best was Shackleford's ill-considered quote in the Observer about these people being there to help.

      I really thought it was classic Shackleford, clearly clueless about everything. 10 years from now he'll be screaming about prayer in school and Teh Gays while we're all busy doing other things, like living our lives. I envision him, in his final years, a derelict on the streets of Dallas standing at corners and yelling at pedestrians.

      Because that's precisely where he's heading.

  4. There are so many things Rick Perry does not understand.

    If we had no Federal stimulus, and no fiscal policy, the economy would swing from boom to bust.  We would now be in a serious depression, with a huge loss of employement, opportunity and consumer confidence.

    Perry is involved with this book to make money from his own supporters.  I'm surprised it was not pubished by the John Birch Society press and sold at American Opinion bookstores.

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