Former Minnesota Gov. Tim Pawlenty endorsed former Massachusetts Gov. Mitt Romney on Fox and Friends this morning, asserting that Romney’s main rival, Texas Gov. Rick Perry wants to “abolish” Social Security. Here is Pawlenty’s quote:
Gov. Romney wants to fix Social Security. He doesn’t want to abolish it or end it…Gov. Perry has said in the past that he thought it was ‘failed’.
While Perry does call Social Security a “Ponzi scheme” on page 171 of his book Fed Up!, at no point does he advocate its abolition. Here is what Fed Up! actually says about what should happen to Social Security:
I see an entitlement system that has been totally and honestly revamped – where $106 trillion in unfunded liabilities are met with innovation, decentralization, and real solutions rather than false promises. There will be a retirement safety net that is no longer set up like an illegal Ponzi scheme, but rather will allow individuals to own an control their own retirement.
For comparison’s sake here is what Ronald Reagan said about Social Security in his 1964 speech, A Time for Choosing:
Now—we’re for a provision that destitution should not follow unemployment by reason of old age, and to that end we’ve accepted Social Security as a step toward meeting the problem.
But we’re against those entrusted with this program when they practice deception regarding its fiscal shortcomings, when they charge that any criticism of the program means that we want to end payments to those people who depend on them for a livelihood. They’ve called it “insurance” to us in a hundred million pieces of literature. But then they appeared before the Supreme Court and they testified it was a welfare program. They only use the term “insurance” to sell it to the people. And they said Social Security dues are a tax for the general use of the government, and the government has used that tax. There is no fund, because Robert Byers, the actuarial head, appeared before a congressional committee and admitted that Social Security as of this moment is 298 billion dollars in the hole. But he said there should be no cause for worry because as long as they have the power to tax, they could always take away from the people whatever they needed to bail them out of trouble. And they’re doing just that.
A young man, 21 years of age, working at an average salary—his Social Security contribution would, in the open market, buy him an insurance policy that would guarantee 220 dollars a month at age 65. The government promises 127. He could live it up until he’s 31 and then take out a policy that would pay more than Social Security. Now are we so lacking in business sense that we can’t put this program on a sound basis, so that people who do require those payments will find they can get them when they’re due—that the cupboard isn’t bare?
But we’re against those entrusted with this program when they practice deception regarding its fiscal shortcomings, when they charge that any criticism of the program means that we want to end payments to those people who depend on them for a livelihood. They’ve called it “insurance” to us in a hundred million pieces of literature. But then they appeared before the Supreme Court and they testified it was a welfare program. They only use the term “insurance” to sell it to the people. And they said Social Security dues are a tax for the general use of the government, and the government has used that tax. There is no fund, because Robert Byers, the actuarial head, appeared before a congressional committee and admitted that Social Security as of this moment is 298 billion dollars in the hole. But he said there should be no cause for worry because as long as they have the power to tax, they could always take away from the people whatever they needed to bail them out of trouble. And they’re doing just that.
A young man, 21 years of age, working at an average salary—his Social Security contribution would, in the open market, buy him an insurance policy that would guarantee 220 dollars a month at age 65. The government promises 127. He could live it up until he’s 31 and then take out a policy that would pay more than Social Security. Now are we so lacking in business sense that we can’t put this program on a sound basis, so that people who do require those payments will find they can get them when they’re due—that the cupboard isn’t bare?
