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Congressional Candidate Joe Miklosi Condemns Rep. Coffman’s Radical Attack On Social Security
Congressman Mike Coffman Declares Social Security Program ‘Ponzi Scheme’
During an interview on KNUS-710 AM, "Kelley and Company", Coffman called Social Security a ‘Ponzi scheme’ and inserted himself into the presidential debate by allying with Governor Rick Perry over Mitt Romney.
According to the Oxford Dictionary, a Ponzi scheme is a form of fraud in which belief in the success of a nonexistent enterprise is fostered by the payment of quick returns to the first investors from money invested by later investors.
“It’s very concerning that the discussion has shifted away from ways to ensure that Social Security remains solvent for future generations to one that questions the entire legitimacy of a program that’s a lifeline for many in our society,” said Miklosi. “I believe seniors of all political backgrounds and voters of all age groups should be deeply concerned by his remarks.”
Coffman’s declaration that philosophically he’s closer to Perry and his statement that Social Security is a Ponzi scheme comes on the heels of a recent statement put out by presidential candidate Romney who said the party’s nominee has to be “committed to saving Social Security not abolishing it”.
Social Security is the major source of income for most of the elderly in the U.S. Nine out of ten individuals age 65 and older receive Social Security benefits, which represents about 41% of their annual income.
Program actuaries project that, even without changes in the program, all promised benefits will be paid for the next quarter-century, after which the program would still have enough money coming in to pay more than three-quarters of all benefits over the next 50 years.
"We need more bipartisan spirit to solve our problems. The same way President Regan and the Democratic Congress worked together in 1986 to make Social Security solvent until 2038. Their efforts constitute leadership, not a Ponzi scheme," continued Miklosi.
Congressman Coffman came under intense scrutiny earlier in the year for his votes to end Medicare. The 6th congressional district would have been the 10th most negatively impacted congressional district in the entire country had those bills passed and 74,000 residents would have lost their Medicare benefits and each resident would have had to pay an additional $6,400 a year.
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