It's the era of federal budget cuts (well, sort of), and even Social Security--once considered "the third rail of American politics" and one of the country's most expensive programs--may not be granted its usual exemption.
Some legislators are discussing a plan which would raise the retirement age for those currently younger than 55, while others are proposing an outright restructuring of the pension program--all evidence, it seems, that the third rail is no longer as lethally charged as it once was.
Most recently, at a campaign stop last weekend, Texas Gov. Rick Perry called Social Security a "monstrous lie" to young people and a "Ponzi scheme."
"It is a Ponzi scheme for these young people. The idea that they're working and paying into Social Security today, that the current program is going to be there for them, is a lie," Perry said at an Iowa campaign stop, echoing passages from his book. "It is a monstrous lie on this generation, and we can't do that to them."
Sure, Social Security has its problems, but is it accurate to call it a Ponzi scheme? It depends on who you ask. Using Venn diagrams, two political columnists, Nick Baumann, a liberal, and Tim Carney, a conservative, make their case.
See both after the jump...
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