O'Reilly: Social Security 'isn't exactly a Ponzi scheme, but it's close'

In Bill O’Reilly’s universe, Social Security isn’t a Ponzi scheme -- it just plays one on TV.

On Monday evening, the Fox host defended Rick Perry from campaign rivals' attacks on the Texas governor. And O'Reilly made certain to emphasize his support for Perry and his controversial statements on the program.

"On the issue of Social Security, the governor is essentially correct," O'Reilly said. "The federal government has taken funds for earmarks for that program and spent them on other things. They've been doing it for decades.

He added: "The problem for Perry is the program is still salvageable, although adjustments will have to be made. It's not exactly a Ponzi scheme, but it's close."

WATCH: Video from Fox News, which appeared on September 13, 2011.