Welcome to another edition of Chicks on the Ray podcast. We are here with our BFF, our financial BFF and BFF, Zach from Bullwark Capital. I've been working since I was 14 years old. Do you think I'm going to get Social Security? Because this is what irritate. You do? You think I'm going to get it? Yeah. I think if you're over 50 years old, you have nothing to worry about.

Really? Is the people under 50 that do? Yeah. And here's why. So this is the cruel reality of the way we're, of the world we're in. And this is one of the things that is endlessly frustrating to me when we're talking about debt when we're talking about deficits when we're talking about financing health care of

illegal immigrants.

Yes. that is endlessly frustrating to me when we're talking about debt, when we're talking about deficits, when we're talking about financing health care of illegal immigrants.

Nobody ever wants to talk about fiscal constraints, right?

So now, there is a constraint there.

If you look at Social Security, if we look at Social security the way that we look at a corporation,

we would say it's defunct and bankrupt right now. Totally. And the reason we say that is its obligations

far exceed its ability to pay. Right. So it's technically in default now. But when we did the lockbox,

when we undid the quote unquote lockbox, when Social Security was started, the Social Security owned the Social Security payments.

And that was effectively what they referred to as the lockbox at that time.

Okay.

Well, early 60s when they quote unquote rated the lockbox, social security payments became a general obligation of the

federal government, just like government bonds are, okay, which means that they are not, they are no

longer secluded to just social security. So in my, in, in, in, in my mind, when people say social

security is bankrupt, they're right, but they're not in the sense that

it's a general, social security is no more bankrupt than the federal government is, right?

And bankrupt, by definition, is the inability to pay your debts.

Well, because all of our debts are denominated in U.S. dollars, we are not bankrupt.

Okay.

So, meaning not paying Social Security

is a political decision, not a financial one, at least right now in the current construct.

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