Here's Governor Perry talking about my favorite subject: "Social Security is a monstrous lie."
"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 at a campaign stop in Ottumwa, Iowa. "It is a monstrous lie on this generation, and we can't do that to them."But then he's just repeating what's been stated by the Social Security Administration:
The projected point at which the combined Trust Funds will be exhausted comes in 2036 -- one year sooner than projected last year. At that time, there will be sufficient non-interest income coming in to pay about 77 percent of scheduled benefits.At 77% of promised benefits, Social Security becomes a deeply negative investment for the future and one that cannot be passed on to survivors if you die. As I like to say: it's such a good program, they had to make it mandatory.