Texas Governor Rick Perry
continues to stand behind his comment that Social Security is a “Ponzi
scheme.” He could be more wrong,
and his statement reveals much about how he sees the role of government and,
indeed, the fundamental nature of a democratic society.
First, let’s get something
straight. A Ponzi scheme is
defined by Wikipedia as “a fraudulent investment operation that pays returns to
separate investors, not from any actual profit earned by the organization, but
from their own money or money paid by subsequent investors.” Social Security is not an
individual investment. It is, as
its name suggests, a way that the people of the United States, through our
constitutional democracy, have agreed, over several generations now, to set
aside funds to ensure that everyone who needs it has access to a modicum of
income during their retirement years. The problem with Social Security is not
that it was set up to be deceptive; it is that (1) because of the phenomenon of
aging Baby Boomers, the ratio of young to old people has changed since Social
Security was designed in the 1930s and (2) people are living much longer than
they did in the 1930s. These two
factors put a stress on the ability to maintain the Social Security funds: Relatively fewer people are supporting
a relatively larger group of senior citizens who are living longer.
There is no question that
Social Security needs to be adjusted so that it can continue to work in the
years ahead. However, that is no
excuse for a Presidential candidate to call it a criminal act. Either Rick Perry is incredibly uneducated or he is incredibly immoral—willing to knowingly tell lies in order to attract money and support from an ideological fringe group. Or, perhaps, he simply is unable to see how the interests of individuals relate to the interests of the broader community in which they live. No wonder, in that case, that, as
Governor, he spoke favorably about Texas seceding from the United States.
One is tempted to laugh at
this kind of foolishness. But that
would be a mistake.