How to Fix Social Security

PragerU: Five-Minute Videos

PragerU

Non-profit, Self-improvement, Education, Business, History

4.7 • 6.8K Ratings

🗓️ 2 December 2024

⏱️ 6 minutes

🔗️ Recording | iTunes | RSS

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Summary

Will there be $1,000,000 waiting for you when you retire? Not if you’re relying on Social Security, which is barely on life support. Can we mend this broken government program, or do we need an entirely new approach, call it a retirement revolution? Economist Stephen Moore has some ideas. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	I want to talk to you about your future.
0:04.1	What future?
0:04.9	Haven't you heard the world is going to burn up in 10 years?
0:07.5	Or maybe it's 20.
0:08.8	You don't really believe that, do you?
0:11.2	No, not really.
0:13.0	I didn't think so.
0:14.4	So what about this future that I might have?
0:16.7	What if I told you that when you're ready to retire, let's say at age 65, there would be a million dollars waiting for you, maybe a lot more?
0:26.8	When I'm 65, how about a million dollars now?
0:30.2	Sorry, I can't help you with that.
0:32.7	Too bad. My car insurance premium has gone through the roof. How about half a million?
0:38.8	All right, so what are you selling? Lottery tickets? No, I'm not selling anything. I want to fix a broken program in Washington.
0:45.5	Which one? Social security. Social security? Isn't that going bankrupt? Well, let's put it this way.
0:52.2	It's not in great shape. That's why we need to talk about it.
0:55.9	All right. I'm all ears. Do you know how Social Security is financed? They take money out of my paycheck,
1:02.0	right? It's called a payroll tax. It's the biggest tax you pay. Yeah, I've noticed. You pay,
1:09.2	and your employer also pays on your behalf, but it all comes out of your paycheck.
1:14.5	And I get all that money back when I reach 65, except it's going broke, so I probably
1:18.9	won't get anything.
1:19.9	I wouldn't go that far.
1:22.0	You'll get something.
	...

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