‘the dangerous cowboy’

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Glenn Kessler (Washington Post): …. “It is a monstrous lie. It is a Ponzi scheme to tell our kids that are 25 or 30 years today you’re paying into a program that’s going to be there.” – Gov. Perry

Perhaps the governor does not know the dictionary definition of a Ponzi scheme. Here’s what Merriam-Webster says: “An investment swindle in which some early investors are paid off with money put up by later ones in order to encourage more and bigger risks.”

This is a frequent mistake politicians make when talking about Social Security. It is not an investment vehicle; it is intended to provide income security as well disability and life insurance. Just more than 60 percent of the 54 million beneficiaries are retired workers; the rest are disabled workers, dependents or survivors.

Social Security is a pay-as-you-go system, which means that payments collected today are immediately used to pay benefits. Until recently, more payments were collected than were needed for benefits. So Social Security loaned the money to the U.S. government, which used it for other things. In exchange, Social Security received interest-bearing Treasury securities. The value of those bonds is now about $2.6 trillion.

In any case, Perry is wrong to label Social Security a Ponzi scheme. Ponzi schemes ultimately go bust and everyone (except possibly early investors) generally loses their money. Social Security faces a long-term funding issue, but one that most experts say is manageable. After all, the Social Security actuary says that Social Security’s shortfall is 0.7 percent of the gross domestic product over the next 75 years.

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Jonathan Chait: …. Perry, stylistically, ruled the roost. The media seems to consider Romney the winner. Pardon the condescension, but they’re not thinking like Republican base voters. Romney approaches every question as if he is in an actual debate …. Perry treats questions as interruptions …. His total liberation from the constraints of reason give Perry a chance to represent the Republican in in a way Romney simply cannot match.

In this way Perry eerily apes the style of George W. Bush….

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9 Responses to “‘the dangerous cowboy’”

  1. September 8, 2011 at 9:38 am

    Gosh, he looks like a baggy-eyed crazy man.

  2. 3 collegekay
    September 8, 2011 at 9:43 am

    He’s definitely George Bush on steroids, why anybody would want Bush’s third term is beyond me. How frightening. All of them are.

  3. 4 ChristiMtl
    September 8, 2011 at 9:45 am

    Crazy eyes is right, ewwwwww.

    I just saw this on twitter

    Vitter Won’t Attend President’s Address To Congress

    Ok how many of these a********** won’t be there tonight?

    Disrespectful POS

    Not that corrupt MSM will find anything wrong with this, they’ll be too busy attacking the President’s speech.

  4. 5 Bill R.
    September 8, 2011 at 9:55 am

    So the GOP is relishing the opportunity to make abolishing Soc. Sec. the cornerstone of their 2012 campaign??

  5. 7 conlakappa
    September 8, 2011 at 10:06 am

    I never watch the morning network shows because of the general hackery. The tv was on and I heard a report on the Texas fires start with, “the budget-conscious State is asking for federal assistance.” Um, what? Wouldn’t that be “the biggest feeder at the federal teat needs more assistance?” No, I don’t begrudge the need. I just didn’t need to hear it so heavily and lyingly larded.

  6. September 8, 2011 at 10:31 am

    I honestly don’t have a clue which of the crazies the repubs will nominate- I suppose Perry is their ‘ideal’ candidate- he is the guy most likely to say the most inappropriate things on stage.. when it comes to ‘debating’ POTUS- and the nuts will cheer this on, the media will have their constant drama.. and will do zero factchecking on the crap that comes out of Perry’s mouth- such as his charges last night that President Obama is a liar.. no biggy apparently- he is the guy I fully expect to go to the racist bone in his attacks/smears- he will feed the beast of racist white America.

    • September 8, 2011 at 11:06 am

      i concur with some of what you say. Unfortunately we have no control over what is liable to come out of his mouth. My concern is that the President stay the course and not get down in the mud like the pl’s want him to do.

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