Vice President Biden criticized Texas Governor Rick Perry's labeling of Social Security as a "Ponzi scheme" as inaccurate during an interview Monday.

"He should go back and find out who Ponzi was," Biden said in an interview to air on CNN Monday night. "It was an individual in a different deal, but no it's not a Ponzi scheme. It is secure through 2036 and to fix is not hard."


In the Republican debate last week, Perry said the Social Security program is a "Ponzi scheme" and "a monstrous lie to our kids," doubling down on language he used in his autobiography. In a op-ed in Monday's USA Today, he defended his word choice.

“Americans deserve a frank and honest discussion of the dire financial challenges facing the nearly 80-year-old program,” Perry wrote.

Perry said that retirees will see far less money than they put into the system without reforms.

“By 2037, retirees will only get roughly 76 cents back for every dollar that is put into Social Security unless reforms are implemented,” he wrote. “Imagine how long a traditional retirement or investment plan could survive if it projected investors would lose 24% of their money?”

Perry's criticism has come both from Democrats like Biden and his Republican opponents. Former Massachusetts Governor Mitt Romney is distributing fliers in Florida criticizing Perry's stance on Social Security, and former Bush adviser Karl Rove said Perry's views were “toxic in a general-election environment and they are also toxic in a Republican primary.”