(NewsNation) — Social Security is not on a path toward bankruptcy, nor is it a “legal Ponzi scheme,” according to former Maryland Gov. Martin O’Malley.
Wisconsin Sen. Ron Johnson previously called Social Security a “Ponzi scheme” in one of many attacks on the program, but O’Malley argues that’s “bull.”
“It’s been stable for 89 years. If it’s a Ponzi scheme, as Senator Johnson says, it’s the longest-running Ponzi scheme in world history,” O’Malley said during a Thursday appearance on “The Hill.“
O’Malley recently stepped down as Social Security Administration commissioner to run for chairmanship of the Democratic National Committee.
“Social Security is not on a path for bankruptcy or insolvency,” O’Malley added. “The dollars that people pay into it are the dollars that are paid out.”
The Senate is pushing toward a vote on legislation that would provide full Social Security benefits to almost 3 million additional people.
Senate Majority Leader Chuck Schumer, D-N.Y., said Thursday he would begin the process for a final vote on the bill, known as the Social Security Fairness Act, which would eliminate policies that currently limit Social Security payouts for roughly 2.8 million people.
Senate to ‘take action’ on Social Security: Schumer
Schumer said at a rally that the Senate “is going to take action on the Social Security,” telling union members, “you’re going to find out which senators are with you and which are [against] you.”
“I got all my Democrats lined up to support it. I want you to work. We need 15 Republicans. Let’s get them. We’re going to have the vote,” he continued.
The Democratic leader also posted online to support the legislation, dubbed the Social Security Fairness Act.
“In America, there’s a basic promise that if you work hard all your life, play by the rules and contribute year after year, then you deserve a secure retirement! That’s why I am doing everything I can to pass the Social Security Fairness Act,” he wrote on the social platform X. “And the Senate GOP needs to join us.”
NewsNation’s “The Hill” and Aris Folley contributed to this report.