CNBC’s Rick Santelli Asks Liberal NYT Columnist Thomas Freidman if Social Security is a “Ponzi Scheme” – Video 9/8/11
Here is great video of Rick Santelli on CNBC challenging liberal New York Times columnist Thomas Freidman about whether or not Social Security can be described as a “Ponzi Scheme,” “Pyramid Scheme,” etc. Friedman, of couse, would have none of it, just dismissing Santelli as asking “a stupid question.” But he really could not answer the basic question asked by Santelli:
SANTELLI: Earlier in the show you said that we’re putting the burden on our kids that’s unsustainable. What’s the definition of a Ponzi scheme?FRIEDMAN: It’s a program that made promises that it cannot keep in full and it needs to be fixed and reformed.
SANTELLI: Isn’t that exactly what a Ponzi pyramid is?
FRIEDMAN: I don’t think it is a Ponzi scheme as a criminal endeavor.
SANTELLI: No, no – forget the criminal side. You need more people to perpetuate a myth because if the people stop the myth is known to all. That’s my definition of a Ponzi scheme. Let’s call at it chain letter, a pyramid scheme. Isn’t that by definition what Social Security is? Take the legalities and fraud out.
Ed Morrissey at Hot Air does a great job of pointing out that what Perry said last night is really little different than others have been saying for some time. He assured current seniors, or those close to retirement, that no changes would be made to their benefits. But for younger workers, the blunt language used by Perry describes the reality of their situation. It’s time to change the system for younger workers so they don’t get ripped off.
