McCotter Called Social Security ‘Largest Ponzi Scheme In History’ — And Now Backs Romney!

Former Gov. Mitt Romney (R-MA), Rep. Thad McCotter (R-MI)

Mitt Romney might want to think twice before touting his latest endorsement — seemingly unsolicited — from Michigan Congressman Thad McCotter.

Having just dropped out the presidential race that he was theoretically in, McCotter has now endorsed Romney — whom he had previously attacked on economic issues — on the basis that he views Romney as being more electable than Rick Perry. In a way, this was an unusually honest admission by a politician picking the best of imperfect choices from his perspective — something that happens very often, but is rarely spoken of openly.

For his own part, of course, Romney has been doing everything he can to nail Perry down over his attacks against Social Security, most notably when he called the program a “Ponzi scheme.”

However, as Jim Geraghty at National Review notes, the issues page of McCotter’s campaign site has a whole lot of Perry-esque things to say about Social Security:

Ending the Retirement Ponzi Scheme

In its current form, America’s Social Security system is the largest Ponzi scheme in history, and it is only a matter of time before it collapses under the weight of federal debt and failed national leadership. The time to act is now. We must fulfill our promises to those generations of Americans who have contributed so much to our nation, but the current Social Security system is unsustainable. America’s retirement system must empower workers with the freedom to choose personal savings and investment account options for part of their Social Security benefits, with no benefit cuts or tax increases of any sort, now or in the future. Personal retirement accounts would increase future retirement benefits, and lead to future cuts in taxes. Social Security modernization with personal accounts would achieves full and permanent solvency for Social Security.

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