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Article: Grams seeks support for retirement plan in D.C.; He would allow workers to contribute to private accounts.(NEWS)
- Article from:
- Star Tribune (Minneapolis, MN)
- Article date:
- November 21, 1998
- Author:
CopyrightCOPYRIGHT 1998 Star Tribune Co. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Sen. Rod Grams on Friday compared the current Social Security system to a 1920s scammer who "robbed Peter to pay Paul."
In a speech to the Conservative Leadership Conference, Grams, R-Minn., told the story of Charles Ponzi, who lured investors with promises of high returns. He did, indeed, pay his first clients, Grams said, but only by using money later invested by others.
Eventually, Ponzi couldn't attract investors and was unable to keep paying returns. "Unlike Ponzi, who was punished for his fraud, our government has never been penalized for this pyramid scheme," Grams said.
Since introducing in early October his proposal for privatizing ...