Ron Paul and George Walker Bush on Social Security

Our Social Security system
is the very definition of a Ponzi, or pyramid scheme.

Congressman Ron Paul
Constitutionalist Libertarian

Some in our country think that Social Security is a trust fund,
in other words there's a pile of money being accumulated…
because you put money in the government saves it for you,
and then when you retire you get it out…

That's just simply not true.

The money, payroll taxes going into Social Security, are spent.

They're spent on benefits and they're spent on government programs.

There is no trust.

We're on the ultimate pay-as-you-go system…

The only thing Social Security has is a pile of IOUs
from one part of government to the next…,
therefore when you have more retirees living longer for greater benefits
with fewer people paying in,
the system inevitably will go into the red.

George W Bush