Connect with us

Hi, what are you looking for?

Politics

Why isn't Congress motivated to save Social Security?


Why isn’t Congress motivated to save Social Security?

1 00:00:00,060 –> 00:00:05,190 >> For literally the past three years Congress has chosen not to fix Social Security and by 2 00:00:05,190 –> 00:00:09,140 pushing the problem off it becomes a more difficult problem for all of us to solve. 3 00:00:09,150 –> 00:00:15,120 >> We do intend to have the roll out of it though and introduce it in 4 00:00:15,120 –> 00:00:22,560 late September or early October. 5 00:00:22,590 –> 00:00:27,900 >> Social Security’s trust fund is projected to become insolvent one year earlier than 6 00:00:27,900 –> 00:00:33,240 it was in last year’s report. We know that Congress has to either raise taxes or cut 7 00:00:33,240 –> 00:00:38,400 benefits to make Social Security solvent. We could also increase the cap the maximum wage on 8 00:00:38,400 –> 00:00:44,190 which payroll taxes are levied. We can reduce the initial benefits that retirees get 9 00:00:44,190 –> 00:00:45,990 when they first claim benefits. 10 00:00:45,990 –> 00:00:51,870 >> We could increase the retirement age which is another way of reducing benefits. The most popular plan is 11 00:00:51,870 –> 00:00:57,480 from Congressman John Larson of Connecticut. That’s a so skewed expansion plan that actually increases benefits 12 00:00:57,480 –> 00:01:02,560 across the board for rich retirees and for poor retirees and it funds this by increasing taxes. 13 00:01:02,580 –> 00:01:07,720 >> It will enhance benefits for the first time in more than 50 years. 14 00:01:07,720 –> 00:01:13,020 And this is a president Biden’s strong suggestion that we lift the cap on 15 00:01:13,020 –> 00:01:18,450 recipients who are currently not paying their full salary when the Social Security 16 00:01:18,450 –> 00:01:19,950 trust fund runs out. 17 00:01:19,950 –> 00:01:25,470 >> Benefits must be cut by around 22 percent. They’d be cut for current retirees if 18 00:01:25,470 –> 00:01:31,410 he cut for future retirees or retirees of all income levels. They’d be cut for people receiving disability benefits 19 00:01:31,410 –> 00:01:37,200 as well who are receiving survivor’s benefits. Demographics are the real driving force behind Social Security’s 20 00:01:37,200 –> 00:01:42,720 funding shortfall. We have more retirees with the baby boomers retiring at a rate of 10000 21 00:01:42,720 –> 00:01:48,300 per day life expectancies increased with low birth rates means there’s fewer workers in 22 00:01:48,300 –> 00:01:50,520 the workforce paying into Social Security. 23 00:01:50,520 –> 00:01:55,920 >> The cold pandemic had a number of effects on Social Security. Unfortunately a certain number 24 00:01:55,920 –> 00:02:01,200 of retirees have died. That does reduce costs a little bit for the program but it 25 00:02:01,200 –> 00:02:07,140 also had an effect on the economy which meant fewer taxes being paid into the system. Many progressives 26 00:02:07,140 –> 00:02:12,570 honestly don’t trust private markets to provide retirement security for people and 27 00:02:12,570 –> 00:02:16,980 so for progressives a strong government role seems to make sense. 28 00:02:16,980 –> 00:02:22,350 >> On the other hand for Republicans they often distrust a government role. They think that individuals can 29 00:02:22,350 –> 00:02:27,700 make better choices on their own. Both sides have points. Individuals do make mistakes and 30 00:02:27,700 –> 00:02:33,490 in saving for retirement but on the whole retirement savings are much higher today than they were in the past. 31 00:02:33,510 –> 00:02:39,000 >> The opponents profess to love Social Security and they profess to love 32 00:02:39,000 –> 00:02:43,730 what it will do and what they don’t like to do is actually pay for it. 33 00:02:43,740 –> 00:02:49,320 >> The chances that Congress is going about Social Security cutting benefits in a precipitous way are very very 34 00:02:49,320 –> 00:02:54,990 small. The reality though is this long term program is being managed by politicians who 35 00:02:54,990 –> 00:03:00,840 have very very short time horizons. Are thinking about their poll ratings today. I think by the next congressional 36 00:03:00,840 –> 00:03:06,480 election which is at most two years away they’re not thinking about how do we make this system solvent for 75 37 00:03:06,480 –> 00:03:06,840 years. 38 00:03:06,870 –> 00:03:12,050 >> I think it is likely this will get left to the last minute before a solution is come up with 39 00:03:12,050 –> 00:03:17,490 and to be honest for Democrats in Congress there are strong incentives to delay reform 40 00:03:17,490 –> 00:03:22,770 . We know that reforming early makes the problem easier to solve but 41 00:03:22,770 –> 00:03:28,290 the longer we delay reform the more retirees we have collecting benefits 42 00:03:28,290 –> 00:03:31,900 than the stronger the political force against any sort of benefit. 43 00:03:31,980 –> 00:03:37,610 >> I won’t be shocked at all if this becomes a 2033 solution to a 20 three 44 00:03:37,610 –> 00:03:38,250 insults.

Advertisement

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Election 2020

 In a LIVE Interview on “The Stew Peters Show, Sidney Powell made the jaw-dropping claim that she has found evidence of the Department of...

Stew Peters show

Dr. Carrie Madej joined Stew Peters show and appeared obviously shook by what she had seen after examining Moderna and J&J “vaccine” vials. Watch...

President Biden

I saw this photo and I thought, “Oh come on, this isn’t real…” How can this be real, right? It has to be fake...

Attorney Sidney Powel

SHOCKING Developments… If millions of Americans really knew how CORRUPT the D.C. SWAMP really is – they would be HORRIFIED! Attorney Sidney Powell reveals...

Advertisement