This transcript is automatically generated
Jump at the thought of paying more taxes for anything.
Fortunately according to some that might be the only option -- -- -- security.
So new data from the -- security administration shows that drastically hiking the payroll tax.
Could actually help them pay the trillions of dollars it benefits well it won't otherwise haven't when he years.
So how drastic are we -- man who -- -- -- and support paying more taxes.
Joining us on the phone now co director of Social Security works and Syracuse professor Eric -- -- -- -- -- -- -- -- -- -- -- -- Let's explain quickly first that.
Through payroll with holdings that's how we fund Social Security so I -- employee pay half my employer pays the other half.
Twelve point 4% is supposed to be collected and sent to sales the security.
Yes these are contributions that are for purchase insurance protects people against the variety of risks lost income due to depth of -- spouse to do but retirement -- disability but we'll be back up for 12 first.
We have a remarkable system here so at least seven years old.
0% in the seven years it was built to provide broad protections the American public and -- done that very well.
Over 77 years it's never missed payment it has achieved.
The -- it today it's -- court retirement system that we have.
And when you look at what happened since 2008.
Americans have -- housing equity America's support score one K -- -- they think that Americans have lost.
Their pension protections in many cases bullhorn system.
Our Social Security system is below one -- -- that -- and straw.
Even though really let's -- spectacularly -- it doesn't stand strong it's 20% of our federal spending.
And it's about to be insolvent it basically pays out more than it collects in -- in what.
But it's so that's not strong FX we're really pathetically weak.
No actually your facts are wrong but -- -- first of all it's not 20% but the more important thing here is.
This is a system that Americans left or right you can have Tea Party households you can -- union -- Republicans you can if Democrats okay.
They say do not cut my Social Security they -- they know they've built that.
Of course they don't we turn to the country -- -- Really what we're up on I know that I'm never gonna see it and I know that when they -- -- secure -- -- checked it goes to my -- benefits rig count her comfortable that.
I disagree with you I think a lot of people say close this thing up already because we are sick of our congressional leaders -- in their hands in the cookie dark and that's what happened here.
They have borrowed.
From -- security funds and other trying to figure out a way to fix it and you're telling me that you think raising taxes the American people are gonna agree.
-- -- my paycheck to make up for their mistakes.
Well I'm calling you with these facts are according to polls done by both Democrats and Republicans the public's says this is not a cause of the deficit we do know what benefits cut and we would prefer doing today.
Increased contributions to seeing our our children and our grandchildren benefits -- this.
-- my sales and my grandchildren are not going to be reliant not relying on the system they know better because it will and you know what you raise taxes.
-- -- -- -- -- -- If you haven't -- but it looks at 35 years ago by people who are now receiving benefits its interest.
You know basically.
This structure people invested their lives in.
Protecting it in building it didn't politicians Democrats and Republicans in the past.
Professor I don't understand cannot tell you -- I think that's what makes it more disheartening.
We all put our -- went into this fund and our congressional leaders waste it unfortunately so are we are at a time will.
I ask you one question and I'll I think that there will be people working 304050 years from now.
I think we should raise the retirement age -- -- -- -- -- no -- risk if you think they're working them they're paying contribution of -- for the system.
I think a lot of people will agree we need a better system but she got a combatant keep talking about -- Great system that I think the public agrees but I appreciate being on here -- Appreciate your point of view -- Why did you and you are -- -- comeback professor Eric -- in Social Security works co director.
Professor at its yeah.