Grassley Blasts CLASS Act As 'Ponzi Scheme'

Law360, New York (December 23, 2009, 5:12 PM EST) -- Sen. Charles Grassley, R-Iowa, has condemned a provision of the health care overhaul that would create a voluntary disability insurance program, describing the benefit as a “Ponzi scheme” and saying that it is possible to contribute for only five years before cashing in.

The Medicare chief actuary released a report recently that the Iowa senator hopes will end consideration of the Community Living Assistance and Support Services, or CLASS, Act, Grassley said in a Senate speech Tuesday.

According to Grassley, Chief Actuary Rick Foster's report said...
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