Social Security

By Noel Sheppard | November 28, 2011 | 12:42 AM EST

You knew this was coming.

Nobel laureate Paul Krugman - might he finally be realizing that our budget deficits can't possibly be solved by just eliminating the Bush tax cuts? - is now calling for marginal rates even higher than when Bill Clinton was in office:

By Noel Sheppard | October 9, 2011 | 11:37 AM EDT

Barack Obama took a lot of heat last week for saying America has "gotten a little soft."

Not from Fareed Zakaria who when not advising the president on foreign policy acts as one of his propaganda czars every Sunday on CNN (video follows with transcript and commentary):

By Walter E. Williams | October 6, 2011 | 2:57 PM EDT

Politicians who are principled enough to point out the fraud of Social Security, referring to it as a lie and Ponzi scheme, are under siege. Acknowledgment of Social Security's problems is not the same as calling for the abandonment of its recipients. Instead, it's a call to take actions now, while there's time to avert a disaster. Let's look at it.

The term was derived from the scheme created during the 1920s by Charles Ponzi, a poor but enterprising Italian immigrant. Here's how it works. You persuade some people to give you their money to invest. After a while, you pay them a nice return, but the return doesn't come from investments. What you pay them with comes from the money of other people whom you've persuaded to "invest" in your scheme. The scheme works so long as you can persuade greater and greater numbers of people to "invest" so that you can pay off earlier "investors." After a while, Ponzi couldn't find enough new investors, and his scheme collapsed. He was convicted of fraud and sent to prison.

By Walter E. Williams | September 21, 2011 | 6:22 PM EDT

During the recent GOP presidential debate, Texas Gov. Rick Perry said that Social Security is a "monstrous lie" and a "Ponzi scheme." More and more people are coming to see that Social Security is a Ponzi scheme, but is it a lie, as well? Let's look at it.

Here's what the 1936 government pamphlet on Social Security said: "After the first 3 years — that is to say, beginning in 1940 — you will pay, and your employer will pay, 1.5 cents for each dollar you earn, up to $3,000 a year. ... Beginning in 1943, you will pay 2 cents, and so will your employer, for every dollar you earn for the next 3 years. ... And finally, beginning in 1949, twelve years from now, you and your employer will each pay 3 cents on each dollar you earn, up to $3,000 a year." Here's Congress' lying promise: "That is the most you will ever pay."

By Noel Sheppard | September 18, 2011 | 12:11 PM EDT

Senate Minority Leader Mitch McConnell (R-Ky.) doesn't think the President's new "Buffett Rule" to create a higher tax rate for millionaires makes sense.

Speaking on Sunday's "Meet the Press," McConnell said, "With regard to his tax rate, if [Warren Buffett's] feeling guilty about it, I think he should send in a check" (video follows with transcript and commentary):

By Noel Sheppard | September 17, 2011 | 1:17 AM EDT

For several weeks, NewsBusters has been reporting that despite protestations from liberal media members, Texas governor Rick Perry is 100 percent correct when he calls Social Security a Ponzi scheme.

On PBS's "Inside Washington" Friday, syndicated columnist Charles Krauthammer put a fine point on this saying, "If Charles Ponzi had had the force of the law forcing people, new entrants, into his scheme, he’d still be going. He’d be commissioner of Social Security" (video follows with transcript and commentary):

By Noel Sheppard | September 14, 2011 | 10:29 AM EDT

Despite having been exposed for at least twice calling Social Security a Ponzi scheme, MSNBC's Chris Matthews continues to pound Republican presidential candidate Rick Perry for saying the same thing.

Here's what the "Hardball" host hypocritically said on Tuesday's program (video follows with transcript and commentary):

By Clay Waters | September 14, 2011 | 9:45 AM EDT

Tuesday's New York Times's “Check Point” was the latest liberally slanted fact check of a G.O.P. presidential debate, this time by two liberal reporters, Michael Cooper and Nicholas Confessore, “Perry’s Criticism of Social Security as ‘Ponzi Scheme' Dogs Him in Debate.

Confessore, who once worked for the liberal journals Washington Monthly and American Prospect, once again staunchly defended Social Security. In a December 2004 post for the Prospect, he praised the Times, the paper he was about to join, for its harsh coverage of President Bush’s attempt at free-market-based Social Security reform.

By Noel Sheppard | September 14, 2011 | 1:13 AM EDT

As NewsBusters reported Tuesday, liberal media outlets and their members have been talking about Social Security being a Ponzi scheme since at least 1967.

Add New York Times columnist Paul Krugman to the list of detractors as demonstrated by something he wrote for the December 1996/January 1997 issue of Boston Review:

By Matthew Balan | September 13, 2011 | 5:28 PM EDT

On Tuesday's Early Show, CBS targeted Republican presidential candidate Rick Perry by using their 'Fast Draw' animators to depict the Texas governor as gun-slinging, right-wing extremist. Cartoonists Josh Landis and Mitch Butler turned to a Texas journalist who claimed that Perry "would turn back the clock. He would take America back to where there was basically no safety net" [audio clips available here].

The largely animated segment focused on Perry as part of "a contest to find out who will be 'America's Next Top Republican,'" a parody of the TV show "America's Next Top Model." After labeling the governor a "true believer," Landis noted the Texas politician's beginnings in "the dusty little town of Paint Creek," highlighting how "he bathed on the back porch," even depicting this with feet hanging out of a bathtub.

[Video clips from the segment available below the jump.]

By David Limbaugh | September 13, 2011 | 4:22 PM EDT

It is very disheartening to see Republican presidential primary candidates racing to out-demagogue one another in denouncing Texas Gov. Rick Perry's accurate description of Social Security as a Ponzi scheme. It used to be that Republicans at least waited until the general election campaign to pander to liberals.

I admire Perry both for telling it like it is and for having the guts to stand by his statement when under fire. That shows character.

By Noel Sheppard | September 13, 2011 | 11:03 AM EDT

Whether or not Social Security is a Ponzi scheme was again a source of great discussion during Monday's Republican presidential debate, and it appears this is likely going to be a hot issue throughout this election cycle.

What should be interesting to participants and pundits alike is that during the last presidential campaign, on November 5, 2007, the late Tim Russert, and Chris Matthews, while talking about the Democrat candidates on an episode of MSNBC's "Hardball" broadcast exactly one year before America elected its first black president, agreed that Social Security was "a bad Ponzi scheme" (video follows with transcript and commentary):