Video: Republican Congressman Calls Social Security a "Pyramid Scheme"

From Americans United for Change

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  • "No candidate in modern times from either political party has won office by attacking Social Security as an unconstitutional program," Romney spokesman Eric Fehrnstrom says. "Republicans sense a real opportunity to win in 2012, but we shouldn't throw away our chances by nominating for president a person who questions why the federal government even provides old-age pensions."

    Posted by David, 01/11/2012 3:49am (6 years ago)

  • It's obvious these guys are out to kill Social Security and Medicare so they can pay for as many tax cuts for the rich and corporations. In fact, they want taxpayers to pay corporations to be here.

    Posted by T-bone, 06/10/2011 12:50pm (6 years ago)

  • It is the height of Republican hubris to even suggest that the Social Security system is a Pyramid "scheme" (and, by suggestion, illegal). Of course, we shouldn't be surprised that such a claim is made today, when the Republicans are attempting to gut the most important elements from the (less than robust - but better than nothing) Health Care Reform passed by President Obama. By challenging the constitutionality of "Obamacare" - God forbid it should be called the "Affordable Health Care Act" - the Republicans continue their tradition of political obfuscation when it comes to social issues: saying they are for something on the one hand while moving to raze it to the ground on the other.

    After President Roosevelt introduced the Social Security Act in 1935 the Act faced many challenges, but it survived them - and thrived - allowing workers to look forward to the day when they would no longer be tied to the machines that had ground them down into the factory floor, consuming them for the profits of the business owners.

    The return on the investment into the program in nothing like that of a "Pyramid" scheme for the simple reason that the payroll taxes that are used to contribute to the program are only part of what feeds the pot: the employer also contributes half of the money, which makes up the entire amount that is ultimately put into the program. As for this being an "entitlement" - the reason it is called that is simple: when you pay into something, faithfully, for the term of your employment, you are entitled to get the benefit of what those payments represent, a pension for your retirement.

    The real problem is that Social Security needs to be revamped so that the people who have to rely on it for their survival will have enough money to live without needing other programs to supplement their income. The program is in desperate need of an overhaul, just as medicare and medicaid need to get rid of the wasteful - and shameful - criminal activities that result from blind billing from 3rd parties that don't even provide services ... but ... that would require the Government to get involved and monitor the situation ... oh my - bigger government? The GOP would LOVE that!

    Posted by CrazyComposer, 06/08/2011 12:58pm (6 years ago)

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