Quote of the Day

"Social security is a pay-as-you-go Ponzi scheme. They knew very well that the extra $250 billion would be spent on their social schemes."

Dick Armey

Can Armey explain exactly what "social schemes" Armey is talking about. Are there a bunch of men in a room plotting how to steal money from the Social Security trust fun and doing their version of the Dr. Evil laugh?.

The recession and unemployment has created a projected revenue shortfall for the next decade. The Center on Budget and Policy Priorities notes is 0.7 of the GDP over the next 75 years. There can be adjustments that will anger conservatives (people making more than $250,000) and liberals (raising the retirement age. These modest adjustments can fix Social Security.

The United States is bound by law to pay all debts. It would be illegal for the federal government not to give retired Americans their Social Security checks. Armey fails to add that tidbit of information. It is easy for Armey to scare people about a federal program he hates.