RICK PERRY CALLS SOCIAL SECURITY A PONZI SCHEME.

Well, I have heard Yale Law Professor John Langbein say that if a private entity did what Social Security has done, they’d all be in jail. So Perry’s right up there with Ivy League experts on the subject.

UPDATE: Prof. Stephen Clark writes:

Rick Perry: Tribune of the young?

Haberman thinks that Perry is in a bind. I’m not convinced.

Given the indisputable fact that his accusation has merit, pressing this point puts Obama in a bit of a bind: devise a counter argument – good luck – or demagogue it. Of course, the first instinct will be to demagogue it. But the hollowness of that response without a convincing counter argument won’t go unnoticed by the young I’ve met; the very same ones so enthusiastic in support of his ’08 candidacy. And if it scares the old folks, it won’t be because Perry is saying that he opposes Social Security or Medicare in principle; rather, that their security is at risk because the programs are fundamentally flawed.

Pretty brazen on Perry’s part. But it’s a tack that could only work in the current environment where even old folks look on with shock and awe at the incredible deficits and massive increase in the public debt since Obama took office.

Indeed.