Biden discounts Perry's 'Ponzi scheme' remark on Social Security
September 12th, 2011
11:27 AM ET
3 years ago

Biden discounts Perry's 'Ponzi scheme' remark on Social Security

(CNN) - Responding to Texas Gov. Rick Perry's labeling of Social Security as a "Ponzi scheme," Vice President Joe Biden said in a CNN interview the governor needed to check his facts.

"He should go back and find out who Ponzi was," Biden told CNN's John King in an exclusive interview to air Monday night. "It was an individual in a different deal, but no it's not a Ponzi scheme. It is secure through 2036 and to fix is not hard."

On Monday, Sept. 12th, CNN will broadcast the "Tea Party Republican Debate," live from Tampa, Florida at 8 p.m. ET. Follow all the issues and campaign news leading up to the debate on CNNPolitics.com and @cnnpolitics on Twitter.

Perry made the comment in his first GOP presidential debate Wednesday in California, saying it's a "monstrous lie" to tell younger generations that they will benefit from the system when they retire. He'd previously devoted a passage in his book, "Fed Up," to Social Security, criticizing the system and calling it a "Ponzi scheme."

It has since fueled a fire among the Republican presidential hopefuls, with many of them coming out against Perry's comment and trying to position themselves as pro-Social Security candidates.

Watch the full interview with Biden on Monday at 7 p.m. ET on CNN's "John King, USA."


Filed under: 2012 • Joe Biden • Rick Perry • Social Security • TV-John King U.S.A.
soundoff (58 Responses)
  1. Tony

    I didn't think it was possible that any politician could possibly know less about what is really going on than GWB.

    And then along came Perry. Wow, that education system in Texas is really something isn't it?

    September 12, 2011 02:00 pm at 2:00 pm |
  2. Jan

    perry is just another "Pompous,egotistical,C student, Who would even be a good car salesman!!!! No offense,"Car Salesman??? Stay the h__ in Texas Perry,where you belong!! LOL

    September 12, 2011 02:02 pm at 2:02 pm |
  3. Rudy NYC

    Baby Boomer wrote:
    I agree with the poster who says " If we are to do away with SS then I want ALL my money I've paid back in NOW."
    -------------
    How true.

    I have found it ironic from the start that the Tea Party supports things issues that are diametrically opposed to what their "founding principles" were. The word tea stands for "taxed enough, already". How many times have we heard the argument, that they want to keep their money, and not have to give it to the government. The Tea Party is supposedly made up of just "ordinary Americans" tired of high taxes. So, riddle me this.

    Why would "ordinary people" want an immediate end to SSI without getting their money back from the government, which has been removed in form of taxes. Repeat the same question again, this time with Medicare. The only way you could be in support of doing away with those programs is if you are wealthy enough so that dolllars make you no difference to you, or you do not pay SSI/Medicare taxes. Corporations meet both descriptions.

    September 12, 2011 02:04 pm at 2:04 pm |
  4. Rudy NYC

    @SuperD: You are not always required to pay SSI taxes. That is one of the fringe benefits of having a low paying, compared to the private sector, government job. You are also required to pay income taxes, sales taxes, real estate taxes, and I do not hear you complaining about having to pay for those taxes because it is collected to perform a service for the collective good of the people who pay the taxes. Something must pay for the army, the roads and bridges, trash collection, healthy living conditions, healthy foods, good hospitals, emergecy assistance, etc.

    September 12, 2011 02:13 pm at 2:13 pm |
  5. Me

    If Perry wins the GOP, we should all be very afraid. He wants to institute religious viewpionts nas the basis for all legislation. Or as some would call it, sharia law.

    September 12, 2011 02:16 pm at 2:16 pm |
  6. We ALL Know, Mami

    Atta boy, VP Biden! You tell the Gov. Good Hair!!!

    (What DID they tell him about his hair?! "Que le dijieron del pelo?!")

    September 12, 2011 02:27 pm at 2:27 pm |
  7. Ed Texas

    Maybe tonight Perry can explain the porn company he invested in (not to mention the enormous budget deficit he created for Texas). Another good question to ask him is why does he do so many favors for his high donor friends. How much money did he make on the shady Horseshoe Bay deal with his friends? How come so many of his campaign supporters were able to side step the committee process and receive millions for their companies from the Texas emerging technology fund? Also, Perry's book "Fed Up", he states that Social Security is unconstitutional and a "Ponzi scheme, yet he offers no suggestons on how to reform it. He thinks governement is too big yet he took stimulus money for a variety of projects and then criticizes President Obamas stimulus package. Perry continues to borrow money from Federal government & still criticizes that the Feds for spending.

    September 12, 2011 02:30 pm at 2:30 pm |
  8. S.B. Stein E.B. NJ

    The problem with having people put money into "private accounts" is that they are going to want the full amounts even though they have lost money with their "private accounts." I believe that if people are allowed to "gamble" the money that they are putting into the stock market and lose, they won't understand that they lost that money because of poor investment choices. They should be doing a 401K plan or their other OWN PRIVATE INVESTMENT and not have the government cover their losses.

    September 12, 2011 02:35 pm at 2:35 pm |
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