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Dick Armey: Social Security Is A 'Ponzi Scheme' (VIDEO)

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"Social Security is a pay-as-you-go Ponzi scheme. They knew very well that the extra $250 billion would be spent on their social schemes," said the former House Majority Leader, who now chairs the tea party-backing FreedomWorks.

Back in February, Armey told TPM that Republicans needed to start being "courageous" and consider cuts to social security and medicare.

Think Progress captured Armey making the Ponzi scheme argument on camera.

Watch:


(h/t Think Progress)

About The Author

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Eric Lach is a reporter for TPM. From 2010 to 2011, he was a news writer in charge of the website?s front page. He has previously written for The Daily, NewYorker.com, GlobalPost and other publications. He can be reached at ericl@talkingpointsmemo.com