House witness defends calling Social Security a ‘Ponzi scheme’ after Dem attack

First on Fox: A witness to the Chamber Committee which was called by the Democratic representative, Robert Garcia de California Social security In an attempt to discredit his testimony.

During an audience for House Oversight Dogey subcommittee on Wednesday, Garcia has grilled Power the future CEO Dan Turner while holding a poster of a past tweet qualifying the social security “Ponzi program sponsored by the government”.

“Madoff went to prison for this. Congress succeeds,” said the post. “I should be able to keep 100% of my money and not watch the government waste it with a ridiculous yield.”

Garcia then suggested that the position was proof that Turner did not have the credibility of testifying to the billions of dollars in federal taxes oriented towards left NGOs.

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“”A Ponzi program and therefore I think it’s interesting, of course, as one of our republican witnesses calls social security a Ponzi program, and this is the person we should take advice today, “said Garcia.

“Without Social Security, 22 million people WOULD Be Pushed Into Poverty. That include over 16 million seniors and Nearly 1 million children. And in fact, Elon Musk has also Said and agreed with you, sir, that this is a ponzi scheme. Are one of our Witnesses Talking about Efficiency when You Want to Attack the Single Best Program that we have to support people not just of Poverty, but across this country to uplift them, to sneu are they can afford at life. “

Fox News Digital spoke to Turner, who was held near his post and described his belief, has echoed many, that Social Security is structured as a PONZI program by definition.

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“The Garcia representative does not know the definition of the Ponzi program,” said Turner. “Social Security is the ultimate Ponzi, demanding more and more people at the bottom to finance people at the top, expect our demographic data to have now reversed. The system will be lacking. Mr. Garcia and I will probably never see a penny. This should claim it more than my flow of social media.”

Turner told Fox News Digital that if Garcia’s staff had spent as much time trying to save social security as “paint through my social media”, so maybe the Ponzi program can survive long enough for me to get a small percentage of what the government has confiscated in my life. “”

Turner explained that his father had received a “derisory percentage” from what he paid on the program and that the government “kept the rest” on the death of his father.

“It is not only a Ponzi program, it is the greed of the government and the politicians who direct a money laundering operation to be re -elected. No one should be forced to pay a failed system, but in a free America, you do not have this choice.”

In addition to Turner and Elon Musk suggesting that Social Security is by definition configured as a Ponzi program, Fox News Digital previously spoken To James Agresti, president of the Just Facts non -profit research institute, who said that characterization had “validity”.

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“A Ponzi diet works by taking money from new investors to pay current investors,” said Agresti. “It is the definition given by the dry, and contrary to popular belief, this is exactly so that social security works.”

Agresti explained to Fox News Digital that Social Security, a program mired for decades with concerns about waste, fraud and inappropriate payments, “does not take our money and do not save it for us, as many people believe it, then give it when we are older” as many Americans might believe it.

“What he does is that he transferred money when we are young and we work and pay tax on Social Security,” said Agresti. “This money, the vast majority of it, immediately leaves people who currently receive services. There is now a trust fund, but in 90 years of operation, this trustee has currently had enough money to finance two years of operating the program.”

The trust fund can only last two years is not the result of setting up the fund, “said Agresti, but rather it has been put in place to” put surpluses “from the money that social security receives in taxes on which it does not pay for interest immediately.

“The interests that have been paid was higher than the inflation rate,” said Agresti. “So the problem is not that the trust fund has been looted. The problem is that Social Security works as a Ponzi program.”

Democrats have vocally rejected the efforts of the Republicans and Doge to reform Social Security or make reductions of what they say to be examples of inappropriate or inappropriate expenditure in the department.

“There has been a lot of disinformation about it lately,” agresti told Fox News Digital. “You know, when Doge has entered and suggested that the reduction of the Social Security Administration, I think that it was around 10,000 workers, the Democrats broke out that this would weaken social security. But the fact is that social security pays workers who are for the general costs of the financially program.”

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AGRESTI told Fox News Digital that current administrative costs for social security were $ 6.7 billion per year, which is sufficient to pay more than 300,000 retirees on average.

“Each study shows that social security is completely bankrupt in the coming years. Garcia and other democrats know that the iceberg is ahead but rather than shooting the ship, they cry out on the elderly on board,” said Turner. “This Ponzi scheme collapses quickly, and transforming my tweets into posters will not stop it.”