Perry Offers Plan to ‘Save
Social Security’
By Mchael D. Shear, The Caucus
October 25, 2011

Gov. Rick Perry of Texas on Tuesday
offered his most detailed response yet to criticism that he views
Social Security as a Ponzi scheme, spelling out changes to the federal
retirement program that he said would “save Social Security for future
generations.”
Mr. Perry came under
fire almost as soon as he joined the presidential race this summer for
saying in a recent book that Social Security was a “fraudulent system”
and comparing it to a Ponzi scheme.
“This unsustainable
fiscal insanity is the true legacy of Social Security and the New
Deal,” Mr. Perry wrote in his book, “Fed Up!”
Mr. Perry’s
Republican rivals seized upon the comments in news releases, speeches
and during debates. For weeks, Mr. Perry stood by his book, refusing to
disown the “Ponzi scheme” description and insisting that he was the
only one willing to speak the truth about the program.
But in a speech at a
film factory in South Carolina, Mr. Perry on Tuesday sounded a much
more admiring tone when it came to the popular federal benefit.
“I am putting forward
five principles to save Social Security for the long-term,” Mr Perry
said, echoing the language of his rivals on the campaign trail.
Mr. Perry said his
plan would not affect current retirees or people nearing retirement. He
vowed to stop “pillaging” the Social Security Trust Fund. And he
proposed allowing young workers to invest a portion of their payroll
tax in private accounts, a standard Republican idea.
“The liberals think
the American people cannot be trusted to safeguard even a portion of
their own retirement dollars,” Mr. Perry said. “It is time to end the
nanny state and empower our people to exercise greater control over
their money.”
Mr. Perry repeated
his idea that states should be given the freedom to allow their
government employees to opt out of the program for something better.
And he said he would “work with Congress” to raise the retirement age
for younger workers.
“This is common
sense, and it can help save Social Security for future generations,” he
said.
Nowhere in the speech
did Mr. Perry again suggest that Social Security was a “Ponzi scheme.”
Though he did assert that if “we don’t act, in 25 years benefits will
be slashed 23 percent overnight.”
But the overall tone
was aimed not at criticizing the program, but at a desire to save it.
“Protecting Social
Security benefits begins with protecting the solvency of the fund, and
stopping all current borrowing from the fund, just as we have done with
the highway trust fund,” Mr. Perry said.
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