► Is Gov. Rick Perry’s State Pension fund also a Ponzi scheme? Print E-mail

Is Gov. Rick Perry’s State Pension fund also a Ponzi scheme?

 
If anyone wants to know what a Ponzi scheme is then go to Google and check out Bernie Madoff. It’s basically a fraudulent scheme where investors are paid with investments made by future investors. This goes on until the schemer cannot scam any more investors and runs out of money.
 
We all know that in his book titled “Fed-Up” (FU) that Gov. Rick Perry called Social Security a Ponzi scheme. He also said it was unconstitutional!
 
From 1985 through 2011 (26 years) Rick Perry has had his significant snout firmly implanted in the public trough as set forth below:
  • Texas House – 1985 to 1991
  • Agriculture Commissioner – 1991 – 1998
  • Lt. Gov. 1999-2000
  • Gov. 2001 to 2011
When Rick finally dislodges his snout from the public trough in Texas he’ll be eligible to collect a hefty pension from the Employees Retirement System of Texas.
 
As we speak (Oct 2011) the Employees Retirement System of Texas is under-funded (in-the-whole) by nearly $5 billion. This means that pensions paid to present retirees are being funded in part by current employees in Texas.
 
Therefore, in accordance with Rick’s statement that Social Security is a Ponzi scheme, so is the Employees Retirement System of Texas.
 
What are the chances of Ricky the Loser calling his pension fund a Ponzi scheme?
 
 
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