Warning to America’s Seniors: Top GOP Leader Jumps on Social Security ‘Ponzi Scheme’ Bandwagon

A warning to America’s seniors and working families: top Republicans are still trying to privatize Social Security. Yesterday, GOP Budget Chairman Paul Ryan – author of the GOP budget that ends Medicare and increases health costs for seniors – admitted he views Social Security as a “Ponzi scheme.”

Speaking on conservative radio on Tuesday, Rep. Paul Ryan (R-Wis.) agreed with Texas Gov. Rick Perry’s (R) claim that Social Security is a “Ponzi scheme.”

When asked by host Laura Ingraham on Tuesday whether the country’s social insurance program is a Ponzi scheme, Ryan replied, “That is how those schemes work.” [The Huffington Post, 9/20]

The remarks from Chairman Ryan come as House Republicans continue their support for privatizing Social Security that will jeopardize the economic security of our nation’s seniors. Now there’s a “scheme”—one the American people already rejected in 2005.

Once again, our seniors shouldn’t be forced to pay the price for the GOP’s ideological agenda.

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