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First on FOX: A House committee witness voiced by California Democrat Rep. Robert Garcia during this week’s hearing is backing after lawmakers unearthed past social media posts about Social Security in an attempt to trust his testimony.
At a hearing of the House Supervisor Doge Subcommittee on Wednesday, Garcia grilled future CEO Dan Turner and held up a poster board of past tweets calling Social Security a “government-sponsored Ponzi scheme.”
“Madoff went to prison for that, and the council will run it,” Post said. “I should be able to keep 100% of my money and see the government waste it on a small percentage of return.”
Garcia then suggested that Turner posted it as evidence that he was unreliable to testify about billions of federal taxes directed at left-wing NGOs.
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Powers DEM with future CEO Dan Turner. Rep. Robert Garcia sparred at the House Hearing on Thursday (Fox News Digital).
“It’s a Ponzi scheme, so I think that’s interesting because one Republican witness calls Social Security the Ponzi scheme. That’s who I should give advice from here today,” Garcia said.
“Without social security, 22 million people will be forced into poverty. That includes over 16 million elderly people and nearly 1 million children. And in fact, Elon Musk told you, agreed, he said this is a Ponzi scheme. A decent life.”
Fox News Digital stood by his post, outlined his beliefs, reverberated to many, and social security, by definition, was structured like a Ponzi scheme.
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Elon Musk, a former senior White House adviser, walks to the White House after landing the Marines on the South Lawn (Samuel Colm/Getty Images)
“Rep. Garcia doesn’t know the definition of a Ponzi scheme,” Turner said. “Social Security is the ultimate ponge, and we require more and more people to pay to fund lower-ranking people. We hope our demographics reverse this. The system is the default.
Turner told Fox News Digital that if Garcia staff spent as much time as they “working over social media,” “probably the Ponzi scheme can survive long enough to get a small percentage of what the government confiscated during my lifetime.”
Turner explained that his father received a “minimum percentage” of what he paid for the program when his father died, and that the government “maintained the rest.”
“It’s not just a Ponzi scheme, it’s a government greed and money laundering work to get re-elected. No one is forced to pay for a failed system, but in a free America, there’s no choice.”
In addition to suggesting that Social Security is set up by definition like a Ponzi scheme, Fox News Digital previously spoke to James Agresti, president of the nonprofit research institute Just Facts.
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“The Ponzi scheme operates by receiving money from new investors to pay current investors,” Agresti says. “It’s a definition given by the SEC, and contrary to popular belief, that’s exactly how social security is run.”
Agresti explained to Fox News Digital that “we don’t take away money for us, as many believe, and don’t give us when we get older,” a social security that has been embedded for decades of waste, fraud and inappropriate payments.
“What it does is to transfer money when we work young and pay Social Security taxes,” Agresty said. “That money, the majority of it, will soon leave the door to those currently receiving benefits. We currently have a trust fund, but in ’90 years of operation, that trust fund has enough money to fund the program’s operations for two years now.”
The fact that trust funds can only last for two years is not a result of the fund being “plundered” and not explained by Agresty, but was introduced to “put surplus” from money collected in taxes that Social Security pays interest without paying them immediately.
“Interest paid on higher than inflation,” Agresty said. “So the problem isn’t that the trust fund is being plundered. The problem is that Social Security works like a Ponzi plan.”
Democrats are examples of wasted or inappropriate spending from the sector against Republicans and Doge’s efforts to reform social security or cut back on what they say.
“There’s been a lot of misinformation recently,” Agresty told Fox News Digital. “When Doge came in and proposed that the Social Security Agency cut, I think it would be about 10,000 workers, but Democrats erupted that this would weaken Social Security. But the fact of the matter is that Social Security pays workers who pay the administrative overhead from the Social Security Trust Fund.
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Rep. Robert Garcia, a California-born Democrat, will speak on the opening day of the Democratic National Convention (DNC) (AP)
Agresti told Fox News Digital that Social Security’s current administrative overhead is $6.7 billion a year.
“All studies show that Social Security is completely bankrupt over the next few years. Garcia and other Democrats know that the iceberg is ahead, but rather than spinning the boat, they are screaming about the elderly on board on the iceberg,” Turner said. “This Ponzi scheme is falling apart quickly, and turning my tweets into posters won’t stop me from doing that.”
Andrew Mark Miller is a Fox News reporter. Find him on Twitter @andymarkmiller and email him with tips to Andrewmark.miller@fox.com.
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