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Fox News “Business” Pundits Salivate Over Abolishing Social Security “Ponzi Scheme”

Reported by Guest Blogger - July 25, 2010 -

By Brian

On Bulls & Bears yesterday (7/24/10), regular panelists Gary B. Smith and Eric Bolling trashed Social Security. Host Brenda Buttner introduced the subject enthusiastically, saying, "A new poll revealing 3 out of 4 young 4 adults not counting on receiving Social Security checks. Gary B., you say this is great news for America! Why?"

Smith said, "Now the whole Social Security system won't be responsible for paying for them and accumulating that debt. Second of all… all that money, they’re not expecting to get it anyway, fine. Let it go off to pay everyone else. Social Security will be a bit more solvent. One part of our problem solved." Comment: Smith must not have young people in his family, and figures that no one in his family will need Social Security. If he ever collects, he’s a hypocrite!

Bolling joked, "Brenda, it’s sad that young people like yourself are going to have to pay into this Ponzi scheme for a very, very long time.” He added with all seriousness, “I have a different reason why I think it's good… They realize they're not going to be able to suck at the teat of the nanny state much longer." He said the young would have to "get off their butt, work, put some money away, and not have to rely on a system that's going to fold, probably by the time they collect a check."

Comment: What about raising the cap on income taxed into the trust fund? That could bring in enough to strengthen Social Security.

Videos via Media Matters.

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