Rep. Joe Heck Calls Social Security A ‘Pyramid Scheme’ That ‘Isn’t Working’

[cal04]

Rep. Joe Heck Calls Social Security A ‘Pyramid Scheme’ That ‘Isn’t Working’
http://thinkprogress.org/politics/2011/06/03/235397/joe-heck-pyramid-scheme/

Tea Party freshman Rep. Joe Heck (R-NV) is furiously backpedaling today after he was caught on video calling Social Security a “pyramid scheme” that “isn’t working.” While speaking to a group of constituents about his approval for plans that would radically change beloved American entitlement programs, Heck had this to say about the country’s most important social safety net:

HECK: The kid who’s 18 years old — should that kid have to work to age 70? I don’t know but that could be a possibility to try to make this program work. Because look – Social Security started in 1935. … Fast forward to now. Full retirement age is 67 and the life span is 80. So when they first conceived Social Security they didn’t think they were going to be paying benefits for 13, 15 years. That’s one of the reasons why this pyramid scheme isn’t working.

Watch the video, courtesy of Americans United for Change:
http://thinkprogress.org/politics/2011/06/03/235397/joe-heck-pyramid-scheme/

Heck’s words touched off an instant uproar among his constituents, who immediately began shouting him down and challenging his disparaging characterization. He also falsely claimed at the outset of his remarks: “No one is talking about raising the retirement age.” Heck appears to be the latest Republican to take his talking points directly from the Tea Party group FreedomWorks, run by former House Majority Leader Dick Armey (R). At a conference for conservative activists, Armey called Social Security a “Ponzi scheme“ that steals people’s money “under false pretenses.”

[hfojvt]

1. well, that's wrong - he should have said Ponzi scheme

then we would all agree here

KNR Mr. Heck, for "telling it like it is"

[Egalitariat]

2. Isn't a Pyramid Scheme where one group of people pays into a fund, and that money is immediately

paid out to another group of people?

[PATRICK]

6. Range of difference between

Mr. Ponzi's allocation of funds and that of a credit union. In between there is the shadier example of the stock market. Most of capitalism has this uncomfortable principle of eternal sustainable growth which if organic and large enough weathers bad times. It can always collapse from the stupidity of entitling wealth removal from the entire organism right at the top, but eventually many of the rich will find a way of saving themselves as society copes for its own messy survival.

Ponzi seemed to honestly understand the principles of money and wealth accumulation in Capitalism's revered reign, but violated some of gentlemen rules of the club(no cheating the wealthy). Social security is purely organic until the country itself goes belly up. That is not a problem of Social Security but the death of the society. Social Security is in fact one of the ways the system supports itself from such disasters, creates confidence in which everyone benefits.

Not having a bunch of investment systems between the money paid out and the money coming in makes capitalism too naked for its moral exposure.

[FSogol]

3. Color me surprised - Another dumb Tea Party Freshman mouthing off.

:puke:

[dixiegrrrrl]

4. Did you notice the story used the phrase "entitlement program"?

Just slipped in the Republican meme as naturally as can be.

[joeybee12]

5. He's my rep, sadly, and I think a campaign slogan against him...What the Heck is wrong with Joe?

Would work quite nicely.

[hfojvt]

7. I have to wonder though

is this thread failing because much of DU agrees with him, or is it just that his name is not "Sarah Palin"?

[fascisthunter]

8. no Joe.... your BS lies aren't Working

and there will be blow-back against you all for attempting to fuck over Americans for generations to come. Your agenda to make us all economic slaves to a fascist system is going to screw you in the end. Have fun fucker.