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Fox's Bolling: Social Security "kind of like a Ponzi scheme ... should rename it the Madoff Social Security system"

August 14, 2009 2:33 pm ET

From the August 14 edition of Fox News' The Live Desk:

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Previously:

AP's Raum uses falsehood to declare Social Security "pretty much" a "Ponzi scheme"

 

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    • Author by magnolialover (August 14, 2009 2:48 pm ET)
      6  
      Really?

      Now Fox, tired of getting their health care debate points debunked time and again, has returned to harangue social security? Possibly the most succesful government run program ever created in the United States?

      I'm sure the senior citizen brigade that watches FoxNews would disagree with this guy, but then again, I doubt it. They might even say something like SS is socialism (even though lots of them live off of it).
      Report Abuse
      • Author by smarshall1432997 (August 14, 2009 2:55 pm ET)
        4  
        Social Security is socialism, and we don't want socialism in our America, and we don't want Gov't messing with our Social Security 'cause mine's just fine. We, Senior Citizens, got this information from FoxNews just today. LOL
        Report Abuse
      • Author by fairliberal (August 15, 2009 2:44 pm ET)
          3
        Possibly the most succesful government run program ever created in the United States?


        Think about that for a minute, the debate isn't if SS will go bankrupt, it is whan SS will go bankrupt. And yet it is described as the most successful gov't program ever.

        And now Obama is promising a health care system comparable to the postal system. Haven't I read somewhere about all of the losses , cutbacks and closings in the PO?

        And he expects people to be optomistic and supportive about his proposed health care system?
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        • Author by webgiant (August 15, 2009 4:18 pm ET)
          1  
          Social Security is going bankrupt not because of any internal failings, but because the U.S. government borrows from Social Security funds to hide the real costs of the budget and offset the deficits. The SS fund is all "IOUs" these days.

          SS wouldn't be in trouble if the government hadn't been using SS as its American Excess Card for decades.
          Report Abuse
        • Author by NewBee (August 16, 2009 4:06 am ET)
          1  
          it is whan SS will go bankrupt.
          Whan will it?
          Report Abuse
    • Author by worrierking (August 14, 2009 2:53 pm ET)
      2  
      How do you think all of the seniors who screamed at their representative's town hall meetings about health care will react to this line of attack?
      Report Abuse
      • Author by magnolialover (August 14, 2009 2:58 pm ET)
        3  
        Same as they did about healthcare. Clueless as to where that monthly check comes from and all.

        But seriously though, without Social Security can you all imagine possibly the MILLIONS of senior citizens who would have died destitute, broke, and hungry? With social security, they got money to live off of, and still have a somewhat decent quality of life.

        I'd even go further to say that all of you conservatives who decry social security, and have wished it dead since the start of it, are the ones who are really calling for "death panels". Because if our older citizens didn't have this source of money, they most certainly would die sooner, and lead horrible lives struggling to just get something to eat.
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    • Author by pete592 (August 14, 2009 3:16 pm ET)
      3  
      Stop raiding SS to pay for wars.

      Problem solved.
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      • Author by robyn20094113 (August 15, 2009 6:28 pm ET)
        1  
        And stop subsidising the Insurance Companies, to the tune of 1.7 billion dollars every 10 years, money, from the government, they get free and clear, because they do not use it as was intended to be used.
        Report Abuse
        • Author by robyn20094113 (August 17, 2009 1:07 pm ET)
             
          About 18 billion a year. Government money to the Insurance companies free and clear and not one conservative is bitching about that.
          Report Abuse
    • Author by shaggles (August 14, 2009 3:35 pm ET)
      2  
      Didn't Limbaugh say that a week or 2 back? Try stealing from somebody who actually knows something about government and politics next time.
      Report Abuse
    • Author by NewBee (August 14, 2009 3:46 pm ET)
      3  
      Social Security is not a Ponzi Scheme. It's insurance.

      To claim on any insurance policy, you have to meet certain criteria. The criteria for Social Security is that either you have reached a certain age, or you have become disabled. If you die with neither happening to you, then you never claimed against the insurance. It would be no different then if you bought car insurance all your life but was never in an accident.
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      • Author by fairliberal (August 15, 2009 4:53 pm ET)
          3
        You obviously don't even understand his point.
        Report Abuse
        • Author by NewBee (August 16, 2009 1:31 am ET)
          1  
          You obviously don't know what a Ponzi scheme is.
          Report Abuse
          • Author by pete592 (August 17, 2009 1:52 am ET)
            1  
            Neither does Bolling. Madoff's Ponzi scheme was a Ponzi scheme because it had a hub who tried to make off with what was left when the bubble collapsed. No such hub exists in Social Security.
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