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A blog about living in and planning for retirement

Rick Perry: Social Security is a “Ponzi Scheme”

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On Saturday at a speech in Ottumwa, Iowa, Gov. Rick Perry declared Social Security a scam, according to the Houston Chronicle. “It is a Ponzi scheme for these young people. The idea that they’re working and paying into Social Security today, that the current program is going to be there for them, is a lie,” Perry said. “It is a monstrous lie on this generation, and we can’t do that to them.”

Perry added that he wasn’t suggesting that the government should kill Social Security for his generation, but that serious changes needed to happen to the program so it could be viable for younger generations.  Among the changes he tossed out: raising the age of eligibility and a means test.

It appears that Perry’s controversial strategy is working.  Several polls reveal that Perry is the Republican front-runner, according to the Wall Street Journal. Still, Obama beats Perry 49% to 43%, according to a Public Policy Polling survey.

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About Encore

  • Encore examines the changing nature of retirement, from new rules and guidelines for financial security to the shifting identities and priorities of today’s retirees. The blog also explores news that affects retirement, from the Wall Street Journal Digital Network and around the web. Lead bloggers are reporter Catey Hill and senior editor Jeremy Olshan. Other contributors include The Wall Street Journal’s retirement columnists Glenn Ruffenach and Anne Tergesen; the Director for the Center for Retirement Research at Boston College, Alicia Munnell; and the Director of Research for Pinnacle Advisory Group, Michael Kitces, CFP.