Mitch Daniels thinks Social Security is a Ponzi scheme too.

[salvorhardin]

"O'Donnell asked Daniels what he thought of Texas Gov. Rick Perry calling Social Security a 'Ponzi scheme.'

'As far as it goes he's not the first' to call it that, he replied. 'As far as it goes, that's not inaccurate. A Ponzi scheme is something where you take money from people today they may think they're investing and it's being given out to the back door to somebody else.'"

Source: http://www.cbsnews.com/stories/2011/09/18/sunday/main20107859.shtml

[caraher]

1. Great definition there, Mitch

I also love the weasel-word disclaimer "As far as it goes..." In other words, it's actually completely inaccurate.

Seems to me I get an annual statement of what benefits I should expect depending on when I retire, past earnings and projected future earnings. What part of that involves tricking me into thinking I'm making an investment and that my dollars aren't going to someone else who paid into the system? It's a social contract, not an investment plan...

[indypaul]

2. If the bonds held by Social Security Admin

are other than "full faith and credit" of the United States
Government. Which they are NOT. Then Mitch's description
might be correct. Otherwise, every insurance policy issued
by most life insurance companies would fit that description
also. Plus most funded retirement plans that have chosen to
invest in U.S. Treasuries. Otherwise it is still "Old Age
Surviors Insurance (OASI) or Federal Insurance Contribution
Act (FICA).

Liberalism, trust in the people, tempered with Prudence.
Conservatism, distrust of the people, tempered with fear.
Wm. Gladstone

[and-justice-for-all]

3. Well I think he is a clown...nt