00:00This is all a scam.
00:01I mean, we got people that's getting ready to retire
00:02that's going to try to live off $2,000 to $3,000.
00:05Impossible.
00:05It's impossible because what happens,
00:07it comes up here, we spend it.
00:09We're $35 trillion in debt.
00:10We don't have any new money.
00:11We're dead broke.
00:12And then taxpayers have $2 trillion in credit card debt.
00:15In this body, we had better start figuring that out
00:17because we're going to have a run on this city
00:19and there's going to be about 150 million people
00:21coming up here saying,
00:22where's our damn money that we paid in?
00:24I could have put my social security money,
00:2640 years, in the market
00:27and probably be worth $8 to $10 million a day.
00:30But the federal government wasted it.
00:31Yeah, and I'd like to point out
00:32when social security was first founded,
00:33started out as a 2% tax
00:35and they said this will never take more than 6% of your income.
00:38Today it takes 12.4%
00:39and depending on whether you go with CBO
00:41or social security trustees,
00:42it needs to take between 15.8% and 17.5%.
00:45So we're talking about thousands of dollars more per year.
00:47It also was actually only originally recommended
00:50that the tax be up to $66,000,
00:52equivalent in today's dollars of earnings.
00:54But over time it has expanded massively
00:55and the money has been spent every year.
00:58So whereas everybody thinks
00:59this money's been set aside for me,
01:00no, for the past 13 years,
01:02every dollar that has gone out of workers' paychecks
01:04has gone immediately to pay promise benefits.
01:07And that's what happens when you have a system
01:09that enables those in charge of it
01:10to spend the money in the immediate term
01:12and leave the buck
01:14to the next generation that's coming along.
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