This is out of the world. I am the world. I'm John Bachelor. It is the year

23. Social security is out of money. It's ended. The word is out. The people who depend

upon it no more. The Congress that is in charge of it clamoring at the door, pounding at

the door, where'd our money go what is to be

done I welcome Veronique to regime of the Mercata Center this is not some

distant future it's tomorrow and tomorrow and

First of all Verinique where did the money go and then what is to be done good evening to you

Good evening John. Well it was always planned that

at some point all the extra revenue that were in the trust fund was going to be dried out and this money right now is being used to

pay the difference between the payroll tax revenue that

Social Security collects every year and the benefits that are being paid because

since 2010, basically the revenue from the payroll types is not enough to pay all the benefits.

So they've been using these assets that are in the trust fund. In 2033 there won't be any assets so it

means that by law benefits are going to have to be cut across the board by 21% which would basically double senior poverty.

And there's only one and seven seniors who depend entirely on on social security but for

those people it would be very punishing to have a 21% cut so that's that's how we got there is basically that if we are in 2023 and benefits are going to be cut, it means that politicians have continued to be delinquent and not willing to talk about reforms.

Thankfully, there's a way to go about this.

Yes, you write about Andrew Biggs and Kristen Shapiro.

Who are they and what is their plan?

So, Kristen Shapiro is that independent women's form and Andrew Bigix is at the American Enterprise Institute.

The American Enterprise Institute and there are Andrew is an economist and he is a Social Security specialist and one of the things that you and I have talked about in the past is the fact that one of the things that people don't understand is like actually seniors are doing really well relatively to the rest of the population.

Seniors are overrepresented in the top income quintile.

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