Refresh my memory: does the victim actually get money back in a Ponzi scheme? Wotta load.
This past weekend, conservative activists and Tea Party groups gathered in Chicago for the Right Nation 2010 convention. Among those who attended was former House Majority Leader Dick Armey, the chairman of one of the original Tea Party groups, FreedomWorks.
During the event, ThinkProgress sat down with Armey at a blogger’s roundtable. No sooner than we took our seats did Armey come out guns-blazing against Social Security. He called it a “corrupt government practice” that steals people’s money “under false pretenses.” He went on to call Social Security a “Ponzi scheme”:
ARMEY: The government uses the concept of a trust fund to take your money under false pretenses. For years, I wrote about and talked about and taught about what I call ‘corrupt government practices,’ because they’re always so quick to talk about corruption. One of the corrupt government practices is stealing your money under false pretenses. I’ll give you a to wit: social security. When they had the Alan Greenspan commission, they knowingly raised payroll taxes more than what was necessary to meet the flow of output. Social Security is a pay-as-you-go Ponzi scheme. They knew very well that the extra $250 billion would be spent on their social schemes.
See more at thinkprogress.org
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