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GOP Activist: Social Security is a Ponzi Scheme

GOP Activist: Social Security is a Ponzi Scheme

Thanks to the launch of the “Pledge for America” the American public can, hopefully, start to focus on some policy specifics offered up by the Republicans.  If they try real hard they might even imagine the world created by these policies, a world that Dick Armey is trying hard to create.

The former House Majority Leader, conservative activist and founder of one of the original tea party groups FreedomWorks has not been shy about his goal to privatize Social Security.  At a recent conservative political convention, Right Nation 2010, Armey spoke at length about the need to remove Social Security from the public sector and transfer it to Wall Street. 

In fact, Armey went so far as to call the hugely successful social safety net a “Ponzi scheme,” and it is a theme some other Republican candidates, like Wisconsin Senate nominee Ron Johnson are running with as well.

Not all tea party Republicans have been as bold as Armey in calling for an outright end to the program, and that’s probably due to the fact that the American public remains very uncomfortable with the idea of Wall Street managing these benefits.  This is especially true after so many watched private retirement accounts significantly decline in value or get wiped out all together.  That said, it is an idea that is once again gaining traction within the GOP, reflecting a continued reverence by the right for corporate profit over people.  

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photo courtesy of swanksalot via Flickr

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113 comments

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10:24AM PDT on Oct 1, 2010

"
If teabaggers don't want to end social security, then why to they nominate and vote for the nutsos who do want to do so?

What a person, or group of persons, does it much more telling than what is said."

Is that really "end" Social Security, or "end" the way it is functioniing?

4:46AM PDT on Oct 1, 2010

If teabaggers don't want to end social security, then why to they nominate and vote for the nutsos who do want to do so?

What a person, or group of persons, does it much more telling than what is said.

8:27AM PDT on Sep 29, 2010

Agreed! But I am going to have to say that the Progressives at least have an "elite" mentality. And those in the "elite" are often using the term to distract.

"

While the term "Elites" is flexible, it has been used for over a century to indicate those who consider themselves above the rest of people. Another interpretation is a dominate group that seeks to control and maintain that control over a larger, more diverse group often by the use of subterfuge or force.

It is a misconception to think that this is focused on on a political philosophy erroneously described as: "Left" or "Right". Elites always seek increased power, so if successful they represent a movement towards the totalitarianism. The particular political philosophy is merely a tool or a method toward the end; which is more power.

Neither is wealth the criteria for the term: "elites". Although the elites exert economic power, many wealthy people do not fit the definition of elites as they do not seek to use that wealth to dominate, influence or control the population. "

10:49PM PDT on Sep 28, 2010

Jim much of what you say makes a lot of sense. But I think it is imperative to try to get away from vague terms. In this case, "the elites".

With such a term it is the easiest thing in the world for someone to ascribe said term to whomever it is they do not like.

Based on the standard assumption "the elites" are the rich. But no one ever considers anyone on the left as rich. It is also, alternatively, used to refer to corporations. But unions are corporations as well and do no different than companies when it come to politics.

10:42PM PDT on Sep 28, 2010

"
Since the Financial Reform Bill was passed July 15, 2010 all the Wall Street Brokers, Arbitragers, Investment Bankers, big banks, foreign banks, etc. are now regulated they are looking for new ways to fleece the public."

They were regulated before. It was just that the regulators were spending more time with porn than doing their job. Perhaps the proper thing to do is regulate the overseers?

If you think all that the people you mentioned are doing is fleecing the public how is it that you think they stay in business? For that to be true there has to be a whole lot of "fool me twice" going on out there. Not to mention three or four or n times. If people were really being fleeced they would cease doing business with the fleecer!

7:39PM PDT on Sep 28, 2010

There is so much disinformation here. Statements like the financial "reform" which was K street written. It's fake. It does nothing to fix the causes of the collapse. The Health Care Bill which will create effective monopolies and raise costs. And the Tea"baggers" wanting to do away with Social Security. They don't. Take a look at the average age of them for a reason.

Rather than demonize and misrepresent your neighbors perhaps you should hear them out.

The wars go on, and we are divided by the elites that don't want any real change.

5:29PM PDT on Sep 28, 2010

Since the Financial Reform Bill was passed July 15, 2010 all the Wall Street Brokers, Arbitragers, Investment Bankers, big banks, foreign banks, etc. are now regulated they are looking for new ways to fleece the public.
They are all running scared which is why they
are bankrolling the Republican Party hoping they will win and then repeal the laws they don't like.

I too think the government should have put in an alternative government run health plan which would have at least kept the insurance companies in check. While the Financial Reform Bill may not have gone far enough, it is quite a difference from same old business as usual.

Additional regulations were also included for insurance companies.

10:27AM PDT on Sep 28, 2010

Actually Social Security is more like the parish poor tax of the middle ages than a mere Ponzi Scheme.

8:51PM PDT on Sep 27, 2010

There we go again. Thanks for the article.

11:23AM PDT on Sep 27, 2010

Another typical bait-and-switch from the Dickster. In reality, yes REALITY, the entire MONETARY SYSTEM is a pyramid scheme. But don't hold your breath waiting fro CONservatards, politicians or their supporters, to admit that FACT. Ignore them and READ and THINK. If you can.

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