Is Social Security a ‘Ponzi Scheme’?

Texas governor and GOP presidential hopeful Rick Perry branded Social Security a “Ponzi scheme”  and “a monstrous lie” during last week’s Republican debate in California.  Traditionally, Social Security is usually a topic candidates shy away from, out of fear of losing the support of elderly voters. Perry’s fellow candidates used his statements as ammunition against him during last night’s Tea Party-sponsored debate. Teresa Ghilarducci, Bernard L. and Irene Schwartz Chair of economic policy analysis at the New School for Social Research and author of “When I’m Sixty-Four: The Plot Against Pensions and the Plan to Save Them,” and  Alison Fraser, director of the Heritage Foundation’s Roe Center for Economic Policy, sound off over whether it’s time to overhaul Social Security.