John McCain: Social Security Is “A Ponzi Scheme That Bernie Madoff Would Be Proud Of”
During a Tucson radio interview, Senator John McCain said that the Social Security money is gone and that it’s a Ponzi scheme (via Think Progress).
HOST: Is it a simple thing like saying like everyone that’s under 50, you get to retire at 67 –
MCCAIN: Yeah, and for example, increase the age eligibility by a month every year or so, I mean, uh, lift the cap. Right now there’s a certain amount you pay into Social Security, and then after that it’s not taxed. There’s a number of things you can do to that are pretty simple and are pretty gradual keep the system from going bankrupt which basically it already is, because we’ve already spent the money that’s in the Social Security trust fund. It’s a Ponzi scheme that Bernie Madoff would be proud of.
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