Ponzi scheme? Nope

September 12, 2011 

I see that would-be president Gov. Rick Perry of Texas has labeled Social Security a Ponzi scheme. I assume that is because one generation's contributions to the program help pay for the previous generation's living expenses after retirement. While the system is not perfect and certainly needs revisions, it is extremely successful and helps stave off poverty for many of our seniors. Only to an extremely hard-hearted, untutored individual could that possibly qualify as a Ponzi scheme.

When I was a young man, I thought of my contributions to Social Security as helping my elderly father. My children now feel the same way. Not a bad way of thinking, and certainly not enabling a Ponzi scheme.

Heaven help the nation whose leaders are capable of such hard-hearted, warped thinking as Gov. Rick Perry.

Victor Mallenbaum


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