In a September 8 post to his blog Red State, CNN political contributor Erick Erickson called Social Security a “Ponzi scheme.” From Red State:
Are we all so damn scared of Rick Perry that suddenly we're going to abandon the fight for real reform of social security and try to make Perry look like a fringe candidate when, in fact, his position has been the mainstream of the GOP for decades?
Social Security is, for all intents and purposes, a ponzi scheme. Don't believe me? Try out the Securities and Exchange Commission definition:
A Ponzi scheme is an investment fraud that involves the payment of purported returns to existing investors from funds contributed by new investors. Ponzi scheme organizers often solicit new investors by promising to invest funds in opportunities claimed to generate high returns with little or no risk.