Rick Perry is absolutely right!
America locked Bernie Madoff up for doing something very similar to what FDR and Congress did with your retirement money.
My column this week explains how Social Security and Medicare are unsustainable and basically a country-wide Ponzi scheme.
Many people think that when the government takes payroll tax from their paychecks, it goes to something like a savings account.... Nothing is invested. The money taken from you was spent by government that year. Right away. There's no trust fund.
Republicans attack Rick Perry for calling Social Security a Ponzi scheme, but they shouldn't. Politicians ought to be honest; these programs can't continue in their current condition.
What sustains a Ponzi scheme is deception. If people really knew how it worked, they wouldn't sign on. Social Security and Medicare are different. You could say no to Ponzi. I wouldn't advise saying no to the government. Not if you want to stay out of prison. Social Security is nothing more than a promise from politicians. The next gang can break the promise...anyone who believes Social Security is an investment plan really has only himself to blame.
You can read my entire column here.
This Week's Show -- July 10, 2014
CENSORSHIP AT CBS: Investigative reporter Sharyl Attkisson has a similar story. She explains why she left CBS after it became "harder and harder to get stories on television" that criticized this government and "any powers that be."
IS STOSSEL BIASED?: Years ago, journalist Howard Kurtz criticized me for not being objective. I said it's impossible for any journalist to be completely objective. Now that Howard Kurtz is on Fox, we debate again.
THE OBJECTIVITY MYTH: Andrew Kirell of Mediaite.com says, "every journalist has a point of view and they don't just magically check it the minute they walk in the newsroom door."
NEW MEDIA: Reason TV's Remy Munasifi uses music videos and parodies to complain about things like politicians' spending. One of his latest parodies highlights the scandal surrounding the VA hospitals. Munasifi discusses his videos, which have gone viral on YouTube.
RETRO REPORT: It's great there's a new media organization called Retro Report, which reveals media hype of the past ("crack babies," America's landfill "crisis," the "superpredator," etc.) and corrects stories everyone in the media got wrong. I discuss the new show with its executive producer, Kyra Darnton.
REAL OR FAKE?: Sometimes people in the media say things that are so bizarre, you'd think they were made up. Kennedy of The Independents quizzes FoxBusiness.com's Kate Rogers, Fox Business host Charles Payne and me to see if any of us can tell which quotes are real, and which were made up by my staff.
MY TAKE: I used to report on lots of scares. CBS even ran an ad for me where someone called me a "guardian angel."
That's bunk. The only guardian angel is a free and open society. That's what allows innovation, gives people longer lives, and lifts billions out of poverty. But these gradual improvements aren't newsworthy. Scares and disaster make the news.
News is broken not just because we're biased but because most good and important news happens slowly.
9PM ET on Fox Business Network