House witness defends Social Security as a “Ponzi scheme” after DEM attack

First on Fox: At a hearing this week, Democratic Rep. Robert Garcia convened a House Committee witness social Security Trying to discredit his testimony.

During a hearing on Wednesday of the House Oversight Door Subcommittee, Garcia baked future CEO Dan Turner on a poster board holding up a past tweet, calling Social Security a “government-sponsored Ponzi scheme.”

“Madoff went to jail for this. Congress ran on it,” the Post said. “I should be able to keep 100% of the money instead of watching the government waste it in trivial returns.”

Garcia then suggested that the Post was evidence that Turner lacked credibility for billions of dollars in federal taxes targeting left-wing NGOs.

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“Ponzi scheme, so I think it’s interesting because one of our Republican witnesses calls Social Security a Ponzi scheme, and that’s the one we should be taking advice from here today,” Garcia said.

“Without social security, 22 million people will be trapped in poverty. This includes over 16 million elderly people and nearly 1 million children. In fact, Elon Musk also agrees and agrees with your consent, sir, it’s a Ponzi scheme. I think it’s ironic to live a decent life.”

Fox News Digital spoke with Turner, who stood in his position and outlined his beliefs and responded to many people’s belief that social security is structured by definition like a Ponzi scheme.

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“Representative Garcia doesn’t know the definition of a Ponzi scheme,” Turner said. “Social security is the ultimate Ponzi scheme, requiring more and more people to fund the top people with the lowest salary, and hopefully our demographics have been reversed now. The system will default. Mr. Garcia, I will never see a dime either. This should worry him more than my social media feed.”

Turner told Fox News that if Garcia’s employees spent a lot of time saving social security, it was like “crushing through my social media,” then “maybe the Ponzi scheme could survive long enough for me to get a small portion of what the government confiscated in my life.”

Turner explained that his father received a “trivial percentage” of the plans he paid for, while the government “kept the rest” when his father died.

“It’s not just a Ponzi scheme, but it’s the government’s greed and politicians who carry out money laundering actions to be re-elected. No one should be forced to pay into a failed system, but in a free America, you don’t have that choice.”

Except Turner and Elon Musk Previous speech For James Agresti, president of the nonprofit institute, the feature is “effective”.

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“The Ponzi scheme works by making money from new investors to pay incumbent investors,” Agristi said. “That’s the definition given by the SEC, which, contrary to the general perception, is exactly how Social Security works.”

Agresti explained to Fox News Digital that Social Security is a plan that has been worrying about waste, fraud and improper payments for decades, “not taking our money and saving it for us, like many people believe, and then giving it to us when we are older, like many Americans.”

“It’s the role of it is that when we work when we are young and include it in the Social Security Tax, it transfers the money,” Argusty said. “The money, most of which is for people who are currently receiving benefits to go out immediately. There is a trust fund now, but in 90 years of operation, the trust fund currently has enough money to fund the two-year plan operation.”

Agresti explained that the trust fund could last for only two years, which is not the result of the fund being “robbed”, but rather “putting the surplus” into the proper place of the surplus” of the taxes collected from Social Security rather than paying immediately and paying interest.

“The interest paid is higher than the inflation rate,” Agristi said. “So the problem is not that the trust funds have been plundered. The problem is that social security works like a Ponzi scheme.”

Democrats oppose Republicans and thresholds to reform social security efforts or cut down what they say is an example of waste or improper spending in the department.

“There’s a lot of misinformation lately,” Agresti told Fox News Digital. “You know, when Doge comes in and suggests cutting the Social Security Bureau, I think there are about 10,000 workers, Democrats break out, which will weaken Social Security. But the truth is, Social Security pays for workers who spend from the Social Security Trust to the executive upper level.

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Agresti told Fox News Digital that the current administrative overhead for social security is $6.7 billion per year, enough to cover the average elderly benefits for retirees over 300,000.

“Every study shows that social security will go completely bankrupt over the next few years. Garcia and other Democrats know that the iceberg is leading, but instead of turning the boat, they yell at the iceberg. “This Ponzi scheme is crashing quickly and turning my tweet into a poster won’t stop it.” ”