HomeUploadUpload DirectHotlinkRandomAbouttheme toggle
Expand

3 Reasons to Fix Social Security Now!

Views:886
@ReasonVids

Established during the Great Depression, the Social Security retirement system is funded by a 12.4 percent tax, split between workers and employers, on all wages up to $113,000.

It's the nation's oldest entitlement program and one of its most beloved. Yet it's also a fiscal and demographic disaster that desperately needs to be reformed right now for at least three reasons.

  1. Social Security is broke.

Social Security is already paying out more in benefits than it brings in via payroll taxes; it makes up the difference by drawing on surpluses built up over the past decades. According to the most recent report by Social Security's trustees, those surpluses will be totally gone in 2033 and unless taxes get jacked up, the system will only be able to pay 75 percent of current benefits.

  1. Social Security is a terrible investment.

People think of Social Security as a retirement account, but it yields a terrible rate of return. Researchers at the liberal Urban Institute estimate that virtually all people retiring in 2010 or later will receive far less in benefits than they paid into the system via payroll taxes. Nobody would stand for that in a voluntary retirement plan.

  1. Social Security Screws Younger Workers.

Not only will younger workers get smaller benefits -- if they get any benefits at all -- we have no control over our contributions. What's more, we can't will savings or unpaid benefits to heirs. The result is less disposable income now -- and in retirement.

Whatever sense it may have once made, Social Security is now a program that is insolvent and unfair -- and that will only get worse as the baby boom generation starts retiring en masse.

If we want to protect seniors from poverty in old age, we should address that directly through welfare payments to the truly needy rather than creating a system that pits one generation against the other.

Written and narrated by Nick Gillespie. Produced and edited by Meredith Bragg.

About 2 minutes.

For downloadable versions, links, and more, visit http://reason.com/reasontv/2013/07/10/3-reasons-to-fix-social-security-now and subscribe to Reason TV's YouTube page to get automatic notifications when new materials go live.

reason magazine
,
reason.com
,
reason.org
,
reasontv
,
reason.tv
,
reason tv
,
libertarian
,
social security
,
government spending
,
spending
,
reason foundation
,
nick gillespie
,
meredith bragg
,
fdr
,
reason (periodical)
,
welfare
,
entitlements
,
old-age entitlements
    Thumbnail for David Stockman on Wall Street, The Federal Reserve, and The Great Deformation56:35
    David Stockman on Wall Street, The Federal Reserve, and The Great Deformation
    ReasonVids
    887 views
    Thumbnail for Hillary's 2016 DNC Video–Fixed!0:50
    Hillary's 2016 DNC Video–Fixed!
    ReasonVids
    849 views
    Thumbnail for So People Made DOOM Mods For Me 9 | Br0leg10:01
    So People Made DOOM Mods For Me 9 | Br0leg
    invidious
    451 views
    Thumbnail for Banning Doorknobs, Frat Parties, and "God Bless America" Signs?! Nanny of the Month ('13-11)1:18
    Banning Doorknobs, Frat Parties, and "God Bless America" Signs?! Nanny of the Month ('13-11)
    ReasonVids
    825 views
    Thumbnail for Cafe Hayek's Don Boudreaux Brings Sanity to the "Half-Witted" Media6:50
    Cafe Hayek's Don Boudreaux Brings Sanity to the "Half-Witted" Media
    ReasonVids
    905 views
    Thumbnail for John Mackey's Conscious Capitalism: The Whole Foods CEO on health care, veganism, and free markets4:38
    John Mackey's Conscious Capitalism: The Whole Foods CEO on health care, veganism, and free markets
    ReasonVids
    934 views
    Thumbnail for A Crackdown on Cash and Bitcoin? Curbing Crime vs. Empowering the Surveillance State1:33:03
    A Crackdown on Cash and Bitcoin? Curbing Crime vs. Empowering the Surveillance State
    ReasonVids
    723 views
    Thumbnail for Week 6 NFL News: Bijan, JT, Mason, AJB, Nabers, CMC, Kamara, Allen | The Fantasy Football Show1:27:33
    Week 6 NFL News: Bijan, JT, Mason, AJB, Nabers, CMC, Kamara, Allen | The Fantasy Football Show
    invidious
    152 views
    Thumbnail for Nice toy0:38
    Nice toy
    bestofvoatxyz
    1245 views
    Thumbnail for WATCH: Kamala Harris gives concession speech after Donald Trump wins presidency | WFAA10:20:20
    WATCH: Kamala Harris gives concession speech after Donald Trump wins presidency | WFAA
    invidious
    131 views
    Thumbnail for simpin' ain't easy0:12
    simpin' ain't easy
    bestofvoatxyz
    1534 views
    Thumbnail for Sacha Baron Cohen is Wrong About Everything - #PropagandaWatch26:40
    Sacha Baron Cohen is Wrong About Everything - #PropagandaWatch
    corbettreport_uo
    2000 views
    Thumbnail for Dead Rising 2: Off the Record - Chuck Greene Psychopath - Walkthrough Part 8 (Gameplay & Commentary) | theRadBrad13:14
    Dead Rising 2: Off the Record - Chuck Greene Psychopath - Walkthrough Part 8 (Gameplay & Commentary) | theRadBrad
    invidious
    319 views
    Thumbnail for DSP Attempts It - Coping with Being a Dinosaur and Busy Schedule13:46
    DSP Attempts It - Coping with Being a Dinosaur and Busy Schedule
    memology101
    1189 views
    Thumbnail for Military Recruitment is in The Toilet | Live From The Lair23:10
    Military Recruitment is in The Toilet | Live From The Lair
    Terrence Popp
    679 views
    Thumbnail for Pot Protesters Welcome President Trump With 4,200 Joints3:46
    Pot Protesters Welcome President Trump With 4,200 Joints
    ReasonVids
    883 views
    Thumbnail for Do You Want to Eat Some Pesticide? - #PropagandaWatch13:14
    Do You Want to Eat Some Pesticide? - #PropagandaWatch
    corbettreport_uo
    2408 views
    Thumbnail for Supreme Court Case: May States Discriminate Against Religion in Scholarship Programs?12:18
    Supreme Court Case: May States Discriminate Against Religion in Scholarship Programs?
    IJvids
    872 views
    Thumbnail for My Grip Is Becoming More POWERFUL | Mental Outlaw6:38
    My Grip Is Becoming More POWERFUL | Mental Outlaw
    invidious
    345 views
    Thumbnail for Gov't to makeup artists:  Put down the blush, or we'll shut you DOWN2:51
    Gov't to makeup artists: Put down the blush, or we'll shut you DOWN
    IJvids
    870 views
    Thumbnail for A Jewish city councilor pretended to be attacked during a pro-Palestinian rally, he threw himself to the ground and started screaming like he was being hit... no one touched him.  He has now been forced to resign.0:31
    A Jewish city councilor pretended to be attacked during a pro-Palestinian rally, he threw himself to the ground and started screaming like he was being hit... no one touched him. He has now been forced to resign.
    bestofupgoat
    109 views
    Thumbnail for ChatGPT, Show Me an Onion | teddywang860:56
    ChatGPT, Show Me an Onion | teddywang86
    invidious
    84 views
    Thumbnail for Just passin' thru'0:43
    Just passin' thru'
    AOUisgay
    519 views
    Thumbnail for German News Reports Russia Has Captured Ukranian Stronghold Of Kurakhove5:13
    German News Reports Russia Has Captured Ukranian Stronghold Of Kurakhove
    bestofupgoat
    119 views
    Thumbnail for Ask a Libertarian Lightning Round 2!: Joseph Schumpeter, Eminent Domain, Students for Liberty?5:30
    Ask a Libertarian Lightning Round 2!: Joseph Schumpeter, Eminent Domain, Students for Liberty?
    ReasonVids
    914 views

points

Permalink
Reply
reason magazine
,
reason.com
,
reason.org
,
reasontv
,
reason.tv
,
reason tv
,
libertarian
,
social security
,
government spending
,
spending
,
reason foundation
,
nick gillespie
,
meredith bragg
,
fdr
,
reason (periodical)
,
welfare
,
entitlements
,
old-age entitlements
TOS  •  Add Keywords  •  Donate  •   Analytics  •   DMCA  •   Puzzle