Wednesday night, the field of Republican candidates vying for the 2012 presidential nomination squared off in a debate at President Reagan’s library. Despite eight candidates being in attendance, the attention was focused squarely on the first match-up between front-runners Mitt Romney and Rick Perry.

Throughout the debate, Romney and Perry took shots at one another on the subject of job creation, the economy, healthcare, and the viability of Social Security.

During the debate, Rick Perry reiterated his stance on the insolvency of Social Security. When Romney attacked Perry for his well-publicized views on allowing states to opt-out of Social Security, Perry stood his ground and called the 76-year-old program a “Ponzi scheme” and “monstrous lie.”

Over the weekend, Perry explained his thoughts on Social Security, which he discussed in his book, Fed Up.

He told the Houston Chronicle:

“It is a Ponzi scheme for these young people. The idea that they’re working and paying into Social Security today, that the current program is going to be there for them, is a lie.”

What do you think? Do you agree with Perry’s stance on Social Security? Is it just a ‘Ponzi scheme’? Sound off! 

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  • Rick Perry is correct. Not only is the system itself flawed, it creates a dependency. I’m a financial educator that works, primarily, with high school and college students. You wouldn’t believe how many times students have told me that they don’t need to use 401k/403b or IRA accounts because Social Security will take care of them. Ha! Take a look at how much money you’ll “more than likely” (because we don’t know how much money will be available or when we’ll be entitled to full benefits .. you know they raised the age to 67 for younger folks) be able to get in retirement. http://www.ssa.gov/planners/calculators.htm Do you think you can live on that? Even if you recieve benefits it probably won’t be enough to live on. At the very least we should be saving as an addition to SS. I have little-to-no faith in the government providing for me. I prefer to take action for myself.

    PEACE

  • Ali-Oop

    I never thought of it that way. I didn’t watch the debate so I don’t want to make any cursory assumptions–and that’s a very strong accusation to just go along with–but I could see myself agreeing with him on that but I’d need more information than knowing he strongly opposes it.
    I wonder if he stated any plan on how/when to dismantle the system other than allowing states to opt-out of it? I suppose that would mean the states had their own way of opting out of it, but I’m assuming he’d have to have some kind of blueprint/detailed guidelines for state government to follow.

  • J

    Most of the articles I have read state that Social Security is in trouble, but the situation is not as bad as some pols would have you believe. With some tweaking, like adjusting the age at which people can draw benefits, and retooling the way that the cost of living increase is determined, would get the program back into shape.

    That said anyone who thinks social security will be enough to live on in their old age is sadly mistaken.

  • justSayin..

    Yes I agree…it is a Ponzi scheme.

  • Jess

    Hell yes I agree, and if you’re relying on it to support you when you retire then you are an absolute fool!!