O'Malley: Calling Social Security a 'legal Ponzi scheme' is bull [View all]

Source: The Hill

12/13/24 6:55 AM ET


Social Security is not on a path toward bankruptcy, nor is it a “legal Ponzi scheme,” according to former Maryland Gov. Martin O’Malley. Sen. Ron Johnson (R-Wis.) previously called Social Security a “Ponzi scheme” in one of many attacks on the program, but O’Malley argues that’s “bull.”

“It’s been stable for 89 years. If it’s a Ponzi scheme, as Senator Johnson says, it’s the longest-running Ponzi scheme in world history,” he said during a Thursday appearance on “The Hill.“

O’Malley recently stepped down as Social Security Administration commissioner to run for chairmanship of the Democratic National Committee. “Social Security is not on a path for bankruptcy or insolvency,” O’Malley added. “The dollars that people pay into it are the dollars that are paid out.”

The Senate is pushing toward a vote on legislation that would provide full Social Security benefits to almost 3 million additional people. Senate Majority Leader Chuck Schumer (D-N.Y.) said Thursday that he would begin the process for a final vote on the bill, known as the Social Security Fairness Act, which would eliminate policies that currently limit Social Security payouts for roughly 2.8 million people.

Read more: https://thehill.com/homenews/5038527-martin-omalley-knocks-social-security-critics/