Judge Napolitano: Governor Perry Was Right, Social Security Is a ‘Ponzi Scheme’
Former GOP Presidential Candidate Rick Perry created a firestorm when he called Social Security a “Ponzi scheme.” Well, just this week a new report announced that the Social Security trust fund is expected to run out of money by 2033.
Judge Napolitano commented on the revelations this morning on Fox and Friends, saying that what you’ve invested into Social Security thinking that the government was holding until your retirement, is, in essence, being used as tax dollars that the government is spending as it sees fit.
In his weekly column, Judge Napolitano wrote, “The only reason this was even announced is because we are approaching a presidential election campaign, and in response to Perry's much-derided claim, the government's actuaries, who originally told the Obama administration and the public that the fund would be solvent until 2036, re-examined their numbers and concluded that it will be in the red three years earlier than they thought.”
Watch the judge’s analysis below and read his full column here.