Romney Called Social Security "Criminal Fraud"

JoeB131

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So why doesn't he take the kinds of heat that Perry is taking for saying "Ponzi Scheme".


Romney: Social Security Is Like a Criminal Fraud - By Andrew C. McCarthy - The Corner - National Review Online


n his book “No Apology: The Case For American Greatness”, which was published just last year, Romney compared those managing Social Security to criminals, saying:



“Let’s look at what would happen if someone in the private sector did a similar thing. Suppose two grandparents created a trust fund, appointed a bank as trustee, and instructed the bank to invest the proceeds of the trust fund so as to provide for their grandchildren’s education. Suppose further that the bank used the proceeds for its own purposes, so that when the grandchildren turned eighteen, there was no money for them to go to college. What would happen to the bankers responsible for misusing the money? They would go to jail. But what has happened to the people responsible for the looming bankruptcy of Social Security? They keep returning to Congress every two years.”


Now you all wonder why I despise Romney with a passion. (Besides the Mormonism, that is.) It's because he pulls stuff like this.

One day he's better for gay rights than Ted Kennedy. The next he's all for the sanctity of marriage. One day he's for a woman's right to choose, the next he's against abortion.
 

PLYMCO_PILGRIM

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So why doesn't he take the kinds of heat that Perry is taking for saying "Ponzi Scheme".


Romney: Social Security Is Like a Criminal Fraud - By Andrew C. McCarthy - The Corner - National Review Online


n his book “No Apology: The Case For American Greatness”, which was published just last year, Romney compared those managing Social Security to criminals, saying:



“Let’s look at what would happen if someone in the private sector did a similar thing. Suppose two grandparents created a trust fund, appointed a bank as trustee, and instructed the bank to invest the proceeds of the trust fund so as to provide for their grandchildren’s education. Suppose further that the bank used the proceeds for its own purposes, so that when the grandchildren turned eighteen, there was no money for them to go to college. What would happen to the bankers responsible for misusing the money? They would go to jail. But what has happened to the people responsible for the looming bankruptcy of Social Security? They keep returning to Congress every two years.”


Now you all wonder why I despise Romney with a passion. (Besides the Mormonism, that is.) It's because he pulls stuff like this.

One day he's better for gay rights than Ted Kennedy. The next he's all for the sanctity of marriage. One day he's for a woman's right to choose, the next he's against abortion.


Neither one should get heat IMO. Its not a ponzie scheme, per say, but its so similar that I understand why he made the comparison.

And Romney's comments while similar, were not the same as calling it a ponzie scheme.
 

Sallow

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This is getting better and better. Republicans are writting the Democratic campaign for them!

:thup:
 

PLYMCO_PILGRIM

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This is getting better and better. Republicans are writting the Democratic campaign for them!

:thup:
be careful, younger americans know social security is very broken and many, like myself, have been saving for years in anticipation that the program wont be there.

These comments, while not completely accurate descriptions, do strike at the heart of this problem which is that under the status quo the system won't be there for many americans.

They can call it a purple people eater for all I care as long as they acknowledge there is a problem and are offering real solutions, not rhetoric, to fix it.
 

signelect

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Romney is correct. ; When congress stole the SS money from the dedicated fund under Lydon Johnson they would have gone to jail if they were a private corporation. I am 68 and my money that I paid in is gone thanks to congress. They should be ashamed of themselves but I can assure you they are not in the least bit concerning, they have made sure they have what they want.

Romney and Perry are both right on the button on this issue. People my age have been screwed by congress and they don't care.
 
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Intense

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So why doesn't he take the kinds of heat that Perry is taking for saying "Ponzi Scheme".


Romney: Social Security Is Like a Criminal Fraud - By Andrew C. McCarthy - The Corner - National Review Online


n his book “No Apology: The Case For American Greatness”, which was published just last year, Romney compared those managing Social Security to criminals, saying:



“Let’s look at what would happen if someone in the private sector did a similar thing. Suppose two grandparents created a trust fund, appointed a bank as trustee, and instructed the bank to invest the proceeds of the trust fund so as to provide for their grandchildren’s education. Suppose further that the bank used the proceeds for its own purposes, so that when the grandchildren turned eighteen, there was no money for them to go to college. What would happen to the bankers responsible for misusing the money? They would go to jail. But what has happened to the people responsible for the looming bankruptcy of Social Security? They keep returning to Congress every two years.”


Now you all wonder why I despise Romney with a passion. (Besides the Mormonism, that is.) It's because he pulls stuff like this.

One day he's better for gay rights than Ted Kennedy. The next he's all for the sanctity of marriage. One day he's for a woman's right to choose, the next he's against abortion.


Romney compared those managing Social Security to criminals,
Not much of a stretch at all. Imagine what will happen if the Federal Reserve actually does get audited? :eusa_whistle:
 

GHook93

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He isn't saying that Social Security should be erradicated. He is saying it fraudulent for people to put into the social security fund and for the politicians to raid it to pay for current expense.

It's a very similar comment to Perry calling it a Ponzi Scheme. Both are correct in there generalization. Of course the left is going to use propaganda to show Romney pushing seniors off a cliff!

So why doesn't he take the kinds of heat that Perry is taking for saying "Ponzi Scheme".


Romney: Social Security Is Like a Criminal Fraud - By Andrew C. McCarthy - The Corner - National Review Online


n his book “No Apology: The Case For American Greatness”, which was published just last year, Romney compared those managing Social Security to criminals, saying:



“Let’s look at what would happen if someone in the private sector did a similar thing. Suppose two grandparents created a trust fund, appointed a bank as trustee, and instructed the bank to invest the proceeds of the trust fund so as to provide for their grandchildren’s education. Suppose further that the bank used the proceeds for its own purposes, so that when the grandchildren turned eighteen, there was no money for them to go to college. What would happen to the bankers responsible for misusing the money? They would go to jail. But what has happened to the people responsible for the looming bankruptcy of Social Security? They keep returning to Congress every two years.”


Now you all wonder why I despise Romney with a passion. (Besides the Mormonism, that is.) It's because he pulls stuff like this.

One day he's better for gay rights than Ted Kennedy. The next he's all for the sanctity of marriage. One day he's for a woman's right to choose, the next he's against abortion.
 

eflatminor

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So why doesn't he take the kinds of heat that Perry is taking for saying "Ponzi Scheme".
Probably because SS is worse than a Ponzi scheme. Ponzi schemes are voluntary...SS is not.

Regarding Romney's comments, are you suggesting that if a private retirement fund were raided and spent as Washington did under Johnson that it would NOT be criminal?
 

Claudette

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Someone should also explain how a person who has never put a dime into SS can craw on it??

That one always interested me since its my money and everyone elses they are stealing.

Stealing with Govt consent.
 

eflatminor

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Someone should also explain how a person who has never put a dime into SS can draw on it??
So that big government meddlers can garner more votes from recipients and those that support central planning. Nothing more.
 

driveby

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Do moonbats like sallow even realize that Obama's own words will sink him? Obama is the one that said if we didn't raise the debt ceiling, there may not be enough money in the coffers to send out SS checks. So are Perry and Romney lying about "ponzi schemes" or was Obama fear mongering?.... :eusa_whistle:
 

auditor0007

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So why doesn't he take the kinds of heat that Perry is taking for saying "Ponzi Scheme".


Romney: Social Security Is Like a Criminal Fraud - By Andrew C. McCarthy - The Corner - National Review Online


n his book “No Apology: The Case For American Greatness”, which was published just last year, Romney compared those managing Social Security to criminals, saying:



“Let’s look at what would happen if someone in the private sector did a similar thing. Suppose two grandparents created a trust fund, appointed a bank as trustee, and instructed the bank to invest the proceeds of the trust fund so as to provide for their grandchildren’s education. Suppose further that the bank used the proceeds for its own purposes, so that when the grandchildren turned eighteen, there was no money for them to go to college. What would happen to the bankers responsible for misusing the money? They would go to jail. But what has happened to the people responsible for the looming bankruptcy of Social Security? They keep returning to Congress every two years.”


Now you all wonder why I despise Romney with a passion. (Besides the Mormonism, that is.) It's because he pulls stuff like this.

One day he's better for gay rights than Ted Kennedy. The next he's all for the sanctity of marriage. One day he's for a woman's right to choose, the next he's against abortion.


How is it possible for you to be so far off base on this? Perry calls it a Ponzi scheme because of the way it was set up. BTW, it is not a Ponzi scheme, it is pay as you go. What Romney referred to as being criminal is not the way SS is administered; it's the fact that every Congressman, Senator, and President since Reagan has been complicit in raiding the surpluses from the fund to use for general expenditures, and therefore passing the cost down the line.
 
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So why doesn't he take the kinds of heat that Perry is taking for saying "Ponzi Scheme".


Romney: Social Security Is Like a Criminal Fraud - By Andrew C. McCarthy - The Corner - National Review Online


n his book “No Apology: The Case For American Greatness”, which was published just last year, Romney compared those managing Social Security to criminals, saying:



“Let’s look at what would happen if someone in the private sector did a similar thing. Suppose two grandparents created a trust fund, appointed a bank as trustee, and instructed the bank to invest the proceeds of the trust fund so as to provide for their grandchildren’s education. Suppose further that the bank used the proceeds for its own purposes, so that when the grandchildren turned eighteen, there was no money for them to go to college. What would happen to the bankers responsible for misusing the money? They would go to jail. But what has happened to the people responsible for the looming bankruptcy of Social Security? They keep returning to Congress every two years.”


Now you all wonder why I despise Romney with a passion. (Besides the Mormonism, that is.) It's because he pulls stuff like this.

One day he's better for gay rights than Ted Kennedy. The next he's all for the sanctity of marriage. One day he's for a woman's right to choose, the next he's against abortion.


Except that, from your own quote, he did not call SS criminal fraud. He called what the government did with the funds paid into the fund 'criminal fraud' and, personally, I agree with him.

idiot.
 

GHook93

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That quote is Romney calling Social Security a fraud at all. He's saying Congress raiding Social Security was criminal.
That is what Perry means by a Ponzi Scheme! A Ponzi Scheme is when an when an investor guarantees a certain high return and then raids the investment account like it his/her own personal bank account! Social Security is promising a return if won't be able to produce and the politicians raid it like it's their own personal bank account. Perry's characterization is correct as is Romney calling it a criminal account by politicians to raid the fund.

Perry's scarier comment is he calls SS unconstitutional! That means he desires to get rid of it.
 

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