Health Care

The GOP’s Ponzi Problem

Add House Budget Committee Chairman Paul Ryan to the growing list of Republicans who have compared Social Security to a Ponzi scheme.

As the Huffington Post reports:

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."

Ryan’s comments come on the heels of similar comparisons from Texas Gov. Rick Perry and Rep. Jeb Hensarling.

The fact checkers have declared this claim unequivocally “false,” yet Republicans continue to make it, once again putting ideology ahead of the needs of the millions of seniors who depend on the program.