Ryan Backs Perry on ‘Ponzi Scheme’ Description

by Katrina Trinko

Talking about Rick Perry’s description of Social Security as a “Ponzi scheme” on Laura Ingraham’s radio show today, Paul Ryan defended the characterization as accurate.

“It’s not a criminal enterprise, but it’s a pay-as-you-go system, where earlier investors — or say, taxpayers — get a positive rate of return, and the most recent investors — or taxpayers — get a negative rate of return. That is how those schemes work,” Ryan said, according to The Hill.

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