You're watching...
Former Social Security Commissioner Michael Astrue on what is needed to ensure that Social Security is sustainable over the long-term.
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
It's horrible talk about going out with a bang the guy -- of security on so lastly Social Security -- selves as individual running out of time and money.
Maybe hope.
And when it does stands to go out with an even bigger -- Michael is true says it's really matters simple math.
Baby boomer avalanche of benefits here is tapping -- system just -- fewer Americans are -- In to the sensible course that we knew it was just earlier to bring us up to speed on the far more dire implications of the kind of stuff we did not.
-- -- -- -- -- Thank you.
On the what I like about your report I cut spending this and considered -- ways you attack both parties sorts for ignoring this -- that not dealing with something big could.
Years that of the fact.
And continue this idea of -- not addressing something -- -- it explodes in front of their rise.
What do you think it's going to happen.
In the interim and 120 years out is is -- worry but along the way what happened.
Well I think there's a short term triggered there's all the focus on the combined funds but the disability.
Trust fund runs out in 2016 that's three years away.
And so congress is going to either be forced to act or allow.
Fairly substantial cuts for the disability.
Beneficiaries within three years I think that there is going to start today.
-- little bit more momentum toward doing something but unfortunately there's typical Washington dynamic where I think.
The left wants to do -- all with higher taxes and wants to see the Republicans.
Create for a political damage but just coming in arguing for cuts.
And it's a stalemate.
And I think that unlike the old days I don't think that they're capable of resolving this through the normal processes so my view is.
We need to have a Simpson -- type commission but.
With the condition that whatever that commission recommends goes to the floor for a vote without amendment.
Well good luck on that hope springs eternal course but I guess a number of ideas have come up by -- with a congressman last -- are on what are you do.
When your when when when you're warning came out -- just lift the the cap on salary took the defense -- security I guess it stops around a 113 thousand whatever it is and just -- it make it limitless McConnell what would do to Medicare.
And my only point in response that was so address nothing to -- underlying expenditures.
Of Social Security -- just.
Raise taxes and isn't -- yep that's that's it what do you make -- -- -- yeah.
Well let's say it's a trendy but -- idea if you're talking about in net present value I think on the range of nine trillion dollars.
And what that is is it would it say it's a cripple wing.
Burden on the younger generation.
For their benefits and I also exit plan out that -- -- cap figures would affect them.
-- mean it's it's all higher taxes and comes up particularly at a small businesses which are taking the high sickness and Health Care Reform.
Now there's the proposal -- minimum wage.
On at some point you package those two things together with lifting the psychic have this can be very difficult operated small business size -- Business -- that as well but I did then another measure that is -- talked about raising the retirement.
He needs it -- How do you feel about.
Well I think that that's gotta be on the table and you look at lot of the nations and the European Union.
When there fiscal crisis hit most of them actually did do some raising of the retirement age and to some extent you know it it's it's a good thing.
On something to celebrate because we are living longer and the same amount of money being paid in this is into the system is not going to support these much longer retirement.
You have a human perhaps have some good guy and -- that subject -- rates holy hell.
So I mean any of the options like president and it -- means testing and and I would do except sort of just like you taxes would seems to be the latest -- -- -- our taxes that -- out of it.
Harm no one is of a mind set to do anything constructively.
For want of a better term constructive.
You know I I agree with an -- but that goes back to my proposal the -- trying to unless there's a a process.
Which is not an ideal process in the best of all.
Possible worlds we wouldn't have to resort to these legislative gimmicks.
But it's a dysfunctional congress -- we've had any chance of dealing with this particularly with a disability triumph trust fund just three years.
From insolvency.
We have to have one of these commissions.
Put together and you know license and bulls would it was important in congress and -- to Brian right it needs to have a provision where automatically goes the floor of the congress.
I think that's the only way.
That the congress of today is going to make these complicated trade -- I regret to say that but that's what I believe.
I think -- -- and you're the expert but Michael that you were appointed by president bus.
Just.
Did this president ever raised the possibility of extending your tenure or does he want his own guy in there or woman -- And you know who that might -- and whether they they share your concerns.
Yet no ice I stepped down last Wednesday.
There is the deputy commissioner is acting right -- Unlike President Bush who nominated me more than four months before the -- of my predecessor's term.
There's no nominee.
And I gather they're still in the early stages there's not here at -- nonunion.
Very visibly who tend to be from the very far left of this today.
Who deny that there's a problem homeland characterize it as only minor tweaks so I'm hoping very much of the president has the judgment.
Not to go in -- direction.
And it and it and at least take someone who's gonna stay out of that today.
And in operational manager for a very big operation but we don't need someone who's gonna stand up and say there's no problem.
Where it's only minor tweaks because in my view that's just not true.
Well Michael I -- thing I think it's nation -- -- great debt of gratitude.
From -- -- legacies that and -- for you know not taken sides on this issue for recognizing the severity of problem.
We have time to act as -- wise up and do act I think you did your country a lot of good ideas so people.
Listen to it -- -- that that's where -- get a little cynical but I hope on wrong thank you again.
Well you have to try and speak up thank you know I appreciate the opportunity to talk today.
Alright -- goes through a man who who spelled out some problems a lot of people on the right unless still choose to ignore he did not.
-- to be commended for that or.
