House witness flips script on Dem who ambushed him during hearing with unearthed tweet: 'Iceberg is ahead'

FIRST ON FOX A House committee witness that was called out by Democratic Rep Robert Garcia of California during a hearing this week is pushing back after the congressman unearthed a past social media post on Social Shield in an attempt to discredit his testimony During a House oversight DOGE subcommittee hearing on Wednesday Garcia grilled Power the Future CEO Dan Turner while holding up a posterboard of a past tweet calling Social Safeguard a government-sponsored Ponzi scheme Madoff went to jail for it Congress runs on it the post announced I should be able to keep of my money and not watch ruling body waste it with a paltry percentage return Garcia then suggested that post was evidence that Turner lacks the credibility to be testifying about the billions of federal tax dollars directed to left-wing NGOs SOCIAL ASSURANCE COMMISSIONER BREAKS DOWN PLAN TO SAVE AGENCY FROM INSOLVENCY A Ponzi scheme and so I think it's compelling of subject as one of our Republican bystanders is calling Social Safety a Ponzi scheme and that's the person that we should be taking advice from here in the present day Garcia explained Without Social Safety million people would be pushed into poverty That includes over million seniors and nearly million children And in fact Elon Musk has also disclosed and agreed with you sir that this is a Ponzi scheme I think it's ironic that you are one of our onlookers talking about efficiency when you want to attack the single best scheme that we have to backing people not just out of poverty but across this country to uplift them to ensure they can afford a decent life Fox News Digital spoke to Turner who stood by his post and outlined his belief echoed by a great number of that Social Safety is structured like a Ponzi scheme by definition SEN ELIZABETH WARREN SOCIAL PRECAUTION IS UNDER ATTACK GUTTING IT IS A BROKEN PROMISE Rep Garcia does not know the definition of Ponzi scheme Turner commented Social Shield is the ultimate Ponzi demanding more and more people at the bottom pay in to fund the people at the top expect our demographics have this now reversed The system will default Mr Garcia nor I will likely never see a dime That should worry him more than my social media feed Turner informed Fox News Digital that if Garcia s staff spent as much time trying to save Social Measure as it did combing through my social media then perhaps the Ponzi scheme can survive long enough for me to get a small percentage of what the executive confiscated during my lifetime Turner explained that his father received a paltry percentage of what he paid into the project and the the establishment kept the rest when his father died That s not just a Ponzi scheme it s administration greed and politicians running a money-laundering operation to get reelected No one should be compelled to pay into a failed system yet in a free America you don t have that choice In addition to Turner and Elon Musk suggesting that Social Safety is by definition set up like a Ponzi scheme Fox News Digital previously spoke to James Agresti president of the nonprofit research institute Just Facts who announced the characterization has validity 'FAILURE'S NOT AN OPTION' TRUMP BUDGET BILL WILL BE 'BIG' HELP FOR SENIORS TOP HOUSE TAX-WRITER SAYS A Ponzi scheme operates by taking money from new investors to pay current investors Agresti announced That's the definition given by the SEC and contrary to popular belief that's exactly how Social Protection operates Agresti explained to Fox News Digital that Social Assurance a venture mired for decades with concerns about waste fraud and improper payments doesn't take our money and save it for us as a multitude of people believe and then give it to us when we're older like multiple Americans might believe What it does is it transfers money when we are young and working and paying into Social Assurance taxes Agresti commented That money the vast bulk of it goes forthwith out the door to people who are as of now receiving benefits Now there is a trust fund but in years of operation that trust fund right now has enough money to fund two years of initiative operations The trust fund only being able to last for two years is not a aftermath of the fund being looted Agresti explained but rather it was put in place to put surpluses in it from money that Social Shield collects in taxes that it doesn't pay out right now and pays interest on The interest that's been paid on that has been higher than the rate of inflation Agresti declared So the difficulty isn't that the trust fund has been looted The obstacle is that Social Safety operates like a Ponzi scheme Democrats have vocally pushed back against efforts by Republicans and DOGE to revision Social Safeguard or make cuts to what they say are examples of wasteful or improper spending from the department There's been a lot of misinformation about that as of late Agresti notified Fox News Digital You know when DOGE came in and suggested that the Social Guard Administration cut I think it was about workers Democrats erupted that this is going to weaken Social Safety But the fact of the matter is that Social Safety pays those workers who are for administrative overhead from the Social Measure trust fund So by cutting out the money that they're paying them you genuinely strengthen the venture financially Agresti informed Fox News Digital that the current administrative overhead for Social Safety is billion per year which is enough to pay more than retirees the average old age benefit Every single scrutiny shows social shield going entirely bankrupt in the next inadequate years Garcia and other democrats know the iceberg is ahead but rather than turn the ship they are yelling at the iceberg about the senior citizens onboard Turner stated This Ponzi scheme is collapsing fast and turning my tweets into posters is not going to stop it