Rick Perry: Social Security ‘Is a Ponzi Scheme’ for Young People

While campaigning in Iowa over the weekend, Texas Governor Rick Perry shared his thoughts on Social Security, stating:

“It is a Ponzi scheme for these young people. The idea that they’re working and paying into Social Security today, that the current program is going to be there for them, is a lie,” Perry said. “It is a monstrous lie on this generation, and we can’t do that to them.”

These same sentiments about Social Security are mirrored in Perry's book, "Fed Up." The Wall Street Journal reports:

In his fiery anti-Washington book, “Fed Up!”, published last fall when he had no plans to run for president, Mr. Perry called the program, which turned 76 on Monday, “a crumbling monument to the failure of the New Deal.”

He suggested the program’s creation violated the Constitution. The program was put in place, “at the expense of respect for the Constitution and limited government,” he wrote, comparing the program to a “bad disease” that has continued to spread. Instead of “a retirement system that is no longer set up like an illegal Ponzi scheme,” he wrote, he would prefer a system that “will allow individuals to own and control their own retirement.”

Watch Perry deliver his comments below:

(h/t: Mediaite)