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Tag Archives: Franklin D Roosevelt

Wait–Did Chris Matthews Say Social Security was a Ponzi Scheme?

Oh my, oh my! With all of the left-leaning folks eager to shoot down the notion that Social Security is a Ponzi scheme, I’m sure they would be surprised to hear who agrees with that notion. Can you believe MSNBC’s Chris Matthews actually agrees?

Matthews first put forth what he thought Social Security was originally intended to be: “You pay for it while you work. When you retired and have no other form of income, this will help you out. In fact, a lot were impoverished in the old days without Social Security. It’s a great anti-poverty program. But then people started to live past 65. Even the great Franklin Roosevelt didn’t make it to 65. In those days, if you made it to 65, you were lucky. You got a few bucks on Social Security.”

Then he put forth what it has become: “Today, lots of people fortunately make it past 65,” he said. “They live into their 80s and 90s. They’re still getting checks. The system doesn’t work that way anymore. It’s not as healthy as it once was. So, how does a Republican deal with the fact it is a Ponzi scheme in the sense that the money that’s paid out every day is coming from people who have paid in that day. It’s not being made somewhere.”

The actual video clip can be found following the link.

By the way, giving credit where credit is due, yesterday’s post about SS and Ponzi was spurred by a conversation with my buddy Carl, who blogs here.

December 7, 1941