Social Security

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):

By Matt Hadro | September 12, 2011 | 12:40 PM EDT

The day after the 10th anniversary of the 9/11 terrorist attacks, CNN asked if Republican presidential candidate Rick Perry was being a "bomb thrower" for vilifying Social Security as a Ponzi scheme.

After playing a clip of Perry calling the program a "monstrous lie" and a "Ponzi scheme," CNN's Kyra Phillips teed up Democratic strategist Maria Cardona with this question: "Bomb thrower or truth teller, Maria?" Cardona predictably replied that Perry was a "bomb thrower."

By Noel Sheppard | September 10, 2011 | 3:00 PM EDT

As NewsBusters previously reported, MSNBC's Chris Matthews on Thursday admitted that Social Security is technically a Ponzi scheme.

Less than 24 hours earlier, in numerous post-debate discussions, the "Hardball" host criticized Republican presidential candidate Rick Perry for saying the same thing (video follows with transcript and commentary):

By Matthew Sheffield | September 9, 2011 | 3:16 PM EDT

It's not often that you see a member of the liberal media elite concede an important point to conservatives. It's even rarer when the person doing it is Obama cheerleader Chris Matthews. But that's just what happened  during last night’s “Hardball” when the former Tip O’Neill aide dared to state the obvious fact that Social Security is remarkably similar to a Ponzi scheme—a truth that has become not just inconvenient to the left, but almost verboten.

Matthews’s admission occurred in a discussion about Republican presidential candidate Rick Perry who has come under a huge amount of fire from the left and even from fellow candidates for repeatedly stating that the pay-as-you-go nature of Social Security has many similarities to a classic Ponzi pyramid scheme.

By Noel Sheppard | September 8, 2011 | 4:17 PM EDT

The question of whether or not Social Security is a Ponzi scheme moved from Wednesday's Republican presidential debate to the set of CNBC Thursday.

In a heated debate, CNBC's Rick Santelli and New York Times columnist Tom Friedman argued the issue with them ending up calling each other "idiotic" (video follows with transcript and commentary):