Rick Perry Blasts Karl Rove, Defends Social Security 'Ponzi Scheme' Comments At GOP Debate (VIDEO)

WASHINGTON - Whatever path Rick Perry had to a general election victory got narrower with each word the Texas governor spoke Wednesday night about Social Security. Perry declined the opportunity to back down from his book's claim that Social Security is a Ponzi scheme at the GOP primary debate Wednesday night, going so far as to criticize his former adviser and current agitator Karl Rove for calling his language provocative.

"Karl has been over the top for a long time in some of his remarks. So I am not responsible for Karl anymore," he said.

Earlier, Perry had re-affirmed his belief that Social Security was based on a "monstrous lie" and that absent reforms -- like giving control of the program to the states -- it would not be there for future generations.

"The fact is, we have to be focused on how we are going to change this program," the Texas governor said. "Men and women receiving those benefits today ... don't need to worry about anything. The Republican candidates are talking about ways to transition this program and it is a monstrous lie. It is a Ponzi scheme."

The debate moderators asked Mitt Romney for his response.

"You can't say that to tens of millions of Americans who have lived on Social Security," the former Massachusetts governor said. "Our nominee has to be someone who isn't committed to abolishing Social Security but is committed to saving Social Security."

"Under no circumstances will I ever say ... it is a failure," he added. "It is working for millions of Americans and I will keep it working for millions of Americans."

Perry seemed to struggle a bit with what should be a well-rehearsed topic (it has been the focal point for coverage of his campaign in its early onset). He reminded his opponents that "we are not trying to pick fights here, we are about fixing things" before falling back on his initial talking points.

"You cannot keep the status quo in place and call it anything other than a Ponzi scheme," he said, adding: "Maybe it is time to have some provocative language in this country."

Perry's response was as off politically as it was factually, said economist Dean Baker, of the liberal leaning Center for Economic Policy and Research. "With all due respect to the Governor, this is not true. The recommendations of the National Commission on Social Security Reform in 1983 led to the growth of a large surplus in Social Security. This surplus was used to buy bonds and now Social Security holds more than $2.6 trillion in government bonds," Baker e-mailed HuffPost, noting that the program's actuaries say it will pay full for the next quarter-century-plus. "Even if Congress never makes any changes to the program, Social Security will be able to pay slightly more than 80 percent of scheduled benefits from then on. This means, for example, that if your children -- both in their mid twenties -- were to retire at age 67 and do as well as you have in their working careers, they would receive $38,145 and $39,410 (in 2011 dollars) each, every year, for the rest of their lives. It is clearly inaccurate to say that this program will not exist for young people."

Roger Hickey of the progressive Campaign for America's Future previewed the Democratic strategy now available. "Gov. Perry’s remarks about Social Security show that as President, he would destroy the only retirement system that millions of Americans now depend upon -- and will in the future," he told HuffPost.

Below, a video of highlights from Wednesday night's debate.

Comments

[Robgrut]

06:08 PM on 09/14/2011

Little hero of the left, Krugman, also called it a ponzi scheme:

"Well, the Ponzi game will soon be over, thanks to changing demographics..."
http://www.bostonreview.net/BR21.6/krugmann.html

[BuckCarson]

09:28 AM on 09/14/2011

For introspective exercise: http://newsbusters.org/blogs/noel-sheppard/2011/09/13/flashback-2007-tim-russert-and-chris-matthews-agree-social-security-b

[Trapezoid]

12:56 AM on 09/14/2011

You probably missed it but Rick Perry recently commited an act of honesty. He declared openly and in plain English, "We are fed up with big spending . . . on programs we don't like". The day after Obama took office, a grass roots movement took hold to save future generations from an apocalyptic Federal debt catastrophe. This movement quickly grew into a holy crusade to stop, "big government and big spending". However, in the interest of clarification (and with Texas raw honesty) Rick Perry now adds, "on programs we don't like". Rick Perry let the cat out of the bag, so to speak. As it turns out, the all American, bipartisan, grass roots crusade to save future generations is actually a stealth coalition of like-minded social conservatives. In previous crusades they joined forces openly to stop emancipation, intergation and civil rights. They now use stealth to avoid detection. Nevertheless, I commend Rick Perry for his honesty. I hope he gets the Republican nomination.

[Meldy1]

02:33 PM on 09/09/2011

Two dangerous radicals,in the most disturbing way...

[quedog]

07:40 AM on 09/09/2011

just suppose that rev rick was to win the election
wouldn't carl need to be perry's brain
ricky should play nice with big head carl

[Flaming Moderate Wacko]

01:40 AM on 09/09/2011

Governor Pot: "Shove it, Kettle."

Mr.Kettle: "Up yours, Pot."

[huffmatoo]

12:48 AM on 09/09/2011

So Perry is accusing the US government for running a Ponzi scheme! That requires a criminal investigation - who are the ones in power who have been running this criminal activity???
Reagan increased SS with-holdings from paychecks to prepare for babyboomer retiments. A huge surplus of money has been collected. Why are republicans now so determined to abolish SS? If they think there has been a Ponzi scheme - do they just want to wipe it under the rug and extent the tax cuts for the rich even more???? The SS trust fund has US government bonds for $2.3Trillion (see above). How does it sound to the Chinese and other foreign countries who have been buying US bonds now that a potential future president is calling US bonds a Ponzi scheme???
The truth seems to be that the Bush tax cuts financed with debt from China AND the Bush war financed with the SS monies and more debt from China have been the great republican Ponzi scheme. Now what the republicans want is to stick it to the middle class and take away any well earned and PAID for benefits -just to enrich the rich even more. This is clearly criminal!!!

[Flaming Moderate Wacko]

12:35 AM on 09/09/2011

Rick Perry is just like Joe Stalin....without the charm.

[LiberalLee]

12:18 AM on 09/09/2011

Has anyone tried to point out--rightly so---that Ricky's own 'budget balancing' act using Stimulus funds to do so, was the epitome of Ponzi schemes?
Stealing from Peter to pay Paul doesn't look good on that resume of yours Ricky.
Adding in 'Executes very likely innocent people' isn't too hot either.

[kamact]

09:22 PM on 09/08/2011

Two truly red

[Notahorse]

08:11 PM on 09/08/2011

Just surprised that Rick didn't fire a six shooter after each sentence to punctuate his points.

[dzent1]

08:06 PM on 09/08/2011

Perry calling Rove "over the top"?

Pot meet Kettle.

[lvbrun]

05:20 PM on 09/08/2011

Karl Rove sounds like a moderate compared to the radical ideas of Rick Perry.

[phal4875]

08:06 PM on 09/08/2011

Joseph Stalin seemed like a more pleasant fellow than Rick Perry.

[g-moi]

04:50 PM on 09/08/2011

Does America seriously think we need another egotistical swaggering Texan for President?

His election poster should read "Been there, done that!"

[Reticent2]

04:49 PM on 09/08/2011

Pot? Meet Kettle.