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Rick Perry: Social Security Is A Ponzi Scheme

Texas Gov. Rick Perry says Social Security is a “monstrous lie” for younger Americans.

“It is a monstrous lie. It is a Ponzi scheme to tell our kids that are 25 or 30 years old today, you’ve paid into a program that’s going to be there. Anybody that's for the status quo with Social Security today is involved with a monstrous lie to our kids, and that's not right."

Mitt Romney responds: “The issue in the book ‘Fed Up,’ governor, as you say that by any measure, Social Security is a failure -- you can’t say that to tens of millions of Americans who live on Social Security and those who have lived on it.

"Our nominee has to be someone who isn’t committed to abolishing Social Security but is committed to saving Social Security. We’ve always had at the heart of our party a recognition that we want to care for those in need, and our seniors have the need of Social Security.”

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