Ryan agrees with Perry: Social Security is a Ponzi scheme

Maybe Paul Ryan really does want to be the vice presidential candidate.  What else explains this lunacy?

On Laura Ingraham’s radio show, Rep. Paul Ryan (R-Wis.) agreed with Texas Gov. Rick Perry (R) that Social Security resembles a Ponzi scheme. “It’s not a criminal enterprise, but it is a pay as you go system where earlier investors, or say taxpayers, get a positive rate of return and the most recent investors, or taxpayers, get a negative rate of return,” said Ryan. “That’s how those schemes work." -- Washington Post.

"For being such a self-proclaimed expert on economics and finance, it is telling that Paul Ryan deliberately confuses what Bernie Madoff did to the Social Security benefits milllions of Americans have earned by the sweat of their brow," Democratic Party of Wisconsin Chair Mike Tate said Wednesday. "It looks like the author of the plan to end Medicare is creating the rhetorical conditions under which, to finance tax cuts for the super-rich, Social Security can be ended as well."