Republican presidential candidate and Texas Gov. Rick Perry continues to be a vocal advocate of reforming Social Security, despite having drawn an increasing amount of criticism after calling the program a “Ponzi scheme.”
In a USA Today Op-Ed, Perry defended his stance on the entitlement program Monday, saying Americans must know the truth about the potential for insolvency in the program.
“The first step to fixing a problem is honestly admitting there is a problem,” Perry wrote. “But Americans deserve a frank and honest discussion of the dire financial challenges facing [Social Security].”
Perry argued that by 2037, retirees will only be receiving 76 cents for every dollar they put into the program.
“Imagine how long a traditional retirement or investment plan could survive if it projected investors would lose 24 percent of their money?” he argued.
“For too long, politicians have been afraid to speak honestly about Social Security,” he wrote. “We must have the guts to talk about its financial condition if we are to fix Social Security and make it financially viable for generations to come.”
Perry has weathered much of the storm follwoing his “Ponzi scheme” remarks and continues to lead a narrowing GOP presidential field just ahead of Monday’s debate in Florida.
Perry Defends His Position On Social Security
Republican presidential candidate and Texas Gov. Rick Perry continues to be a vocal advocate of reforming Social Security, despite having drawn an increasing amount of criticism after calling the program a “Ponzi scheme.”
In a USA Today Op-Ed, Perry defended his stance on the entitlement program Monday, saying Americans must know the truth about the potential for insolvency in the program.
“The first step to fixing a problem is honestly admitting there is a problem,” Perry wrote. “But Americans deserve a frank and honest discussion of the dire financial challenges facing [Social Security].”
Perry argued that by 2037, retirees will only be receiving 76 cents for every dollar they put into the program.
“Imagine how long a traditional retirement or investment plan could survive if it projected investors would lose 24 percent of their money?” he argued.
“For too long, politicians have been afraid to speak honestly about Social Security,” he wrote. “We must have the guts to talk about its financial condition if we are to fix Social Security and make it financially viable for generations to come.”
Perry has weathered much of the storm follwoing his “Ponzi scheme” remarks and continues to lead a narrowing GOP presidential field just ahead of Monday’s debate in Florida.