Regional
1:08 pm
Sun November 21, 2010

Perry Calls Social Security A "Ponzi Scheme"

Texas – Texas Gov. Rick Perry calls Social Security a Ponzi scheme, but he's stopping short of saying whether he would dismantle it.

Perry spoke on "Fox News Sunday." He has previously compared Social Security to an illegal Ponzi scheme. In such a scheme, early investors are paid with money put in by later investors, and no real investments are made.

Perry says Social Security qualifies because retirees are paid with money put in by people now working.

"Fox News Sunday" host Chris Wallace asked Perry whether he would end Social Security as a federal program.

Perry didn't directly answer the question. He says he wants to focus on Medicaid first and as part of that there can be talk of how to put Social Security on "better and more solid footing."

Copyright 2010 The Associated Press.