1:49 pm ET October 17, 2012
The cost of living increase for Social Security recipients will go up by 1.7% next year, one of the smallest jumps since the automatic adjustment for inflation was adopted in 1975.
Never hesitant to express a strong opinion on the role of the federal government, Judge Andrew Napolitano weighed in on the current state of the Social Security system this morning on Fox Business Network.
First going back through the history of the Social Security law, Napolitano said, ?The money that is deducted from our pay here every week is spent immediately by the federal government. But the money that is paid to our parents and grandparents is borrowed. So, if that?s not a Ponzi scheme, I don?t know what is.?
The judge credited Rep. Paul Ryan for at least addressing the unsustainability of the current system in his budget proposal.
He summed up the state of the entitlement system and the tough decisions that will eventually have to be made by saying, ?There are too many people dependent on the federal government and now the federal government is about to run out of cash. What do we do??
Watch the full segment:
Check out more from Judge Napolitano:
Obama Could Legally Strike in Libya, But Attack Would Be Meant to ?Enhance? His Re-Election Chances
?Wacky? System Creates Loophole in Arizona Law Requiring Proof of Citizenship to Vote
Florida School Standards Based on Race Are ?Unacceptable in Present Society?
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Source: http://foxnewsinsider.com/2012/10/17/napolitano-social-security-ponzi-scheme/
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