Wednesday, February 23, 2011

McCain On Social Security: ‘It’s A Ponzi Scheme That Bernie Madoff Would Be Proud Of’


Will Republicans pull a "Clinton"? They sure as hell will not take money from the rich and corporations to keep their heads above water!

MCCAIN: Yeah, and for example, increase the age eligibility by a month every year or so, I mean, uh, lift the cap. Right now there’s a certain amount you pay into Social Security, and then after that it’s not taxed. There’s a number of things you can do to that are pretty simple and are pretty gradual keep the system from going bankrupt which basically it already is, because we’ve already spent the money that’s in the Social Security trust fund. It’s a Ponzi scheme that Bernie Madoff would be proud of.

What McCain doesn't tell you is that the Social Security money that has already been spent, was spent by the government on other things and not to pay Social Sercurity beneficiaries. The US borrowed the money and never paid it bck. That's how Clinton balanced his budget.


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