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Loughlin Calls Social Security a ‘Ponzi Scheme’

Saturday, October 02, 2010


David Cicilline’s campaign is taking Republican Congressional opponent John Loughlin to task for calling Social Security a “Ponzi scheme,” saying the remark shows that he is not committed to preserving the program.

The criticism comes after Loughlin recently stood by comments he made at a Rhode Island Voters Coalition forum several months ago. At the forum, Loughlin said: "And if we look out and project where Social Security will be, basically, for those of you who haven’t retired yet, Social Security is a Ponzi scheme.” (Click here to view the original video.)

Loughlin’s point was that Social Security is a financially unsustainable program, but his choice of words shows just how extreme his position is, said Cicilline campaign manager Eric Hyers. “How can you protect Social Security if you don't believe in it? You can't,” Hyers said. “Rhode Islanders deserve more from their next representative than someone who will cling to a narrow right-wing ideology and who compares Social Security to a criminal enterprise.”

The Cicilline campaign drew comparisons between Loughlin’s remarks and those of nationally known conservatives like Rush Limbaugh and Glenn Beck. In 2009, the latter made the same comparison during a discussion of Bernie Madoff. “That's a Ponzi scheme,” Beck said. “And if it sounds familiar, if we're really honest with each other, it has another name: Social Security.”

The Loughlin campaign was not immediately available for comment.


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