Social Security a “Ponzi Scheme”
Sen. John McCain (R-AZ) appeared on Tuscon, AZ, morning radio show ‘Wake Up! Tuscon’ to discuss a variety of national issues, including the upcoming debate over the federal budget deficit. At one point, the host asked McCain about the future solvency of the Social Security program. McCain maligned the program, saying that the system is “basically…already” bankrupt and that it’s a “Ponzi scheme that Bernie Madoff would be proud of.”
A Ponzi scheme involves fraudulently manipulating investors’ money without being able to pay them back; meanwhile, Social Security is a program that has successfully managed Americans’ money since its inception and has guaranteed them safe retirements.