Libertarian Peterson Calls Social Security a Ponzi Scheme

 

“To give people a choice…”

That was the response from  Dr. Richard Peterson, also known as Chip, when asked on Lubbock’s First News why he is challenging Congressman Randy Neugebauer in the November election. 

Peterson is a retired Texas Tech Professor of Finance, who wrote a book in 1998 called The Real Social Security Problem: What Everyone Must Know Before It’s Too Late. 

And now that topic is part of his campaign.

“I realized it’s a ponzi scheme,” Peterson said, referring to Social Security.    “And it was going to run out of money.  Actually it’s why I got into politics, and running for Congress, as I hoped it would bring it to the attention of people at the national level, that we needed to do something about it before it’s too late.”

Do what?

“Maybe keep the early retirement age at 62, but stretch the regular retirement age out to 70.  People didn’t like hearing that, but it’s probably going to be forced on them, and now they don’t have as much time to prepare.”