Rep. Ryan: Rick Perry is right on Social Security

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Perry’s description of the Social Security as a “Ponzi sceheme” has been attacked by former Massachusetts Gov. Mitt Romney, Perry’s leading challenger for the GOP presidential nomination. Romney criticized Perry for scaring seniors and wanting to abolish the program, warning that the Republican nominee needs to work to reform the program.

“They’re both right,” Ryan said of Perry and Romney. “[Social Security] is not working, it is going bankrupt, and current seniors will be jeopardized the most by the status quo.”

The Democratic Congressional Campaign Committee pushed back against Ryan’s comments. 

“Ryan’s belief that Social Security works like a Ponzi scheme proves — once and for all — that House Republicans have really declared a war on seniors,” DCCC spokesman Jesse Ferguson said in a statement. “A Ponzi scheme is Bernie Madoff ripping off Americans — not Social Security benefits that seniors earned and depend on during retirement.”

Indiana Gov. Mitch Daniels (R) also sought to defend the description Tuesday morning on Fox News.

"After all this flap recently some people did some quick Googling, and the problem with what Rick Perry says is that it's trite, it's been said so often,” Daniels said. Daniels also uses the phrase in his unreleased book Keeping the Republic.

"It's a pay-as-you-go system, you're not putting away — people have been misled over the years to believe they're putting something away for themselves, we know it's not the way it works," Daniels said.

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