Social Security

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):

By Clay Waters | September 7, 2011 | 12:23 PM EDT

New York Times online political reporter Michael Shear made Saturday’s front page with his close reading of the oeuvre of Texas Gov. Rick Perry and was predictably disturbed by what he found. “Perry’s Blunt Views in Books Get New Scrutiny as He Joins Race” amounts to a handy bit of opposition research before Perry’s debate debut on Wednesday (contingent on the wildfires in his home state of Texas).

Rick Perry, the governor of Texas, believes that climate change is a “contrived, phony mess.” The federal income tax was the “great milestone on the road to serfdom.” And the Boy Scouts of America are under attack by “a radical homosexual movement.”

By Noel Sheppard | September 3, 2011 | 12:55 PM EDT

Charles Krauthammer on Fox News's "Special Report" Friday offered Republicans a 2012 campaign slogan to defeat Barack Obama.

"President Zero: zero economic expansion, zero jobs, zero ideas on how to cure the economy" (video follows with transcript and commentary):

By Noel Sheppard | August 28, 2011 | 1:53 PM EDT

George Will and Donna Brazile had a telling exchange on ABC's "This Week" Sunday.

After Will listed all the excuses President Obama makes for the poor economy, Brazile said, "I thought you were going to mention media" leading Will to smartly retort, "They're not his problem" (video follows with transcript and commentary):

By Tom Blumer | August 22, 2011 | 10:37 PM EDT

To borrow from a certain president's former preacher, the "chickens are coming home to roost" in Social Security's disability program. It's nearly bankrupt, and set to run out of cash by 2017.

In the Associated Press's writeup ("Social Security disability on verge of insolvency") of the situation occasioned by a congressional report repeating the obvious, Stephen Ohlemacher surprisingly and correctly retold a bit of the history which readers should find quite interesting, as it largely explains how the program got out of control (bold is mine):

By Tom Blumer | August 22, 2011 | 2:57 PM EDT

The opening sentence of Charles Babington's "objective report" about the possible extension of what was billed late last year as a "temporary payroll tax cut" reads like a Democratic National Committee press release: "News flash: Congressional Republicans want to raise your taxes."

It doesn't get any better until the final paragraph. Babington's babble is otherwise a long-winded, chidish taunt about the supposed hypocrisy of anyone who would like to see a program which, for all its very considerable faults, at least ran a cash surplus for several decades get into the neighborhood of where taxes collected almost equal disbursements.

By Noel Sheppard | August 22, 2011 | 10:28 AM EDT

As NewsBusters reported, America's media last week gushed and fawned over billionaire Warren Buffett's call for higher taxes on the rich.

On Monday, Harvey Golub, the former CEO of American Express, responded to the Oracle of Omaha in a Wall Street Journal op-ed that reveals a side of this tax story media refuse to share with the American people: