Tea Party Leader: We Should Abolish Social Security

A Tea Party leader acknowledged she supports abolishing Social Security in an appearance this week on "Larry King Live."

St. Louis Tea Party co-founder Dana Loesch said she would "absolutely" eliminate the program, which has existed since 1935.

Talk show host and Libertarian leader, Wayne Allyn Root agreed: "At best I'd do away with it, because I can find a better way to spend and save my own $15,000."

More from the transcript of the "Larry King Live" segment:

Loesch: For the first time ever in American history, just to exist in this country, you have to purchase a product now. You have to purchase insurance. And they can try and make it go through the IRS --

King: No, no. Wait a minute. We had to pay Social Security. That's a socialist concept. Republicans voted against it --

Loesch: -- Oh I agree. It's bankrupt.

King: Would anyone turn away Social Security now? Would you do away with it?

Loesch: I would, yeah. Absolutely.

King: Would you do away with it, Wayne? Would you do away with Social Security?

Root: Well, I'd certainly like to. At best, I'd do away with it because I can find a better way to spend and save my own $15,000.