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,” Paul said, according to The Hill.
