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Years ago today that president Franklin Delano Roosevelt signed the social security act and to law.
What kind of shape is the program and now should we keep it at all here to debate.
Is John Brock would be and -- institute he's joining us from Richmond Virginia and in Washington Robert -- -- former house committee on aging chief of staff.
You're on you don't like it did you ever liked it and when he does get rid of it.
I I never liked -- I would I would definitely get rid of it I think it needs to be phased out.
So security basically -- than there -- awards irresponsibility.
And penalizes responsible people if -- response -- rational think long term.
You put away -- certain percentage of your salary every month.
And you would have a saving at bay and that it would be much grade if you put the 12% to Social Security taxes today and put it away.
You get much more money at the end even if you put in the CD much more money -- they and then you do from social security and those who is responsible won't say benefit financially.
-- -- what about how the program exists.
73 years what about our responsibility as a nation as a prosperous nation for taking care of our health.
-- in the irresponsible held it because they're responsible elderly would save.
They would be responsible all their lives they would be productive all -- -- -- -- now if we want us if we wanna welfare program.
For those elderly who did not save who -- responsible.
And didn't put money aside in the on savings then let's call it what he really is that site called it's a pension plan.
Not call this a wolf April.
Not get in here what about how that country been irresponsible.
For not -- and it.
Well -- -- in operating in a -- Happy birthday Social Security yes but Social Security has has also reduced poverty among seniors by 73%.
The most successful social program in history and those -- -- privatize it.
Would make it a -- big Wall Street giveaway when the stock market has dropped from 121000 under Clinton to 111000 now would need to be at 151000.
That's real money off seniors tables if you wanna do the proposal that year -- is is suggesting Social Security is running.
A surplus -- -- the safe and deficit a 145 billion dollars a year.
According to Congressional Budget Office it is solvent until 2052 and then only have a slight it's deficit.
Which could easily be -- we hope -- Iraq war's over -- 2052.
So Social Security is easily fixed.
And it is the most secure program and the best program in the history of American action.
That you watch anything that good.
But go -- and I wanna get it well I.
Mean it's ridiculous -- to take a few years of the stock market between 1982.
And 2000 the stock market who went up more than ten times.
This -- a security program can't match static can't match so long to -- but at any saving program put -- -- stocks have.
Just buying simple bonds if you if you -- -- security and you're young city you probably gonna get a negative rate of return.
On on the money you're putting not if that money went into our checking into into salaries.
We would be far better off when we -- -- -- with Social Security.
And look I'm not for privatizing Apple iPhone phasing it out you know -- made commitments through to people who paid into the system we have -- We have to pay out on those commitment to somebody entering the wolf what's now.
I would like to see that the payroll taxes go to zero and get them out of the Social Security but you can't not -- -- it out over generation.
But Bobby Johnson can't you can't do that and then around the -- you would have to tax the -- young people who are working.
And not give them benefits -- they would have to save on their and pay taxes to take care of the older people and that would.
Dramatically damaged the economy in the short run.
Well there there is working on on falsehoods.
He would turn Social Security from a guarantee to a gamble.
And -- -- security is making an investment to it to an investment class unless like in case.
Ugly it's OK you know what my pants when I had an investment let let Michael I want -- -- -- -- -- -- My 401K.
In the last seven years went from 80000 dollars down in the twenty years and I finish my point is -- -- don't -- -- -- it -- under but I have -- loss in the last six months 101000 dollars.
That's real money on seniors -- you cannot afford that meanwhile Social Security.
Has jumped up it has a 145 billion dollars a year surplus it is solvent through 2052 how is your bank account that good to twentieth that need to know.
That's -- -- is being spent every -- by the government except pluses and -- It goes out you know there's there's no there's no fund.
We wish witty put all the money that we put into -- security in the -- -- put that got down a dog not Islamic and it is probably be depended.
On if you -- tax revenue.
To find it's -- -- -- so let Bob.
Well I'm really glad I got -- set a limit and let me get -- here Bob let me I have to let you -- you have to admit though.
That something does need to be did -- if something does need to be done to right Social Security beyond.
25 -- and out and at least the candidates are talking about it on the campaign trail.
That's fine -- John McCain wants to privatize he says everything's on the table -- using fear tactics.
The real problem isn't Social Security that's coming he hasn't committed to anything he is easy to keep an adoption adoptive mother but that's the way -- down.
There's a reason a third national security is the third rail it shouldn't be touched Medicare however starts going down in eleven years but Republicans in congress.
Want to stop.
Prescription drugs from being negotiated for best price they wanna see why not let import.
They wanna stop imports those bills passed the house but but the Republicans and senate stop it with -- -- cloture argue.
Listen -- not open to that even bigger cannot warm Medicare please -- up the real problem it grade I think everybody agrees with that Bob winner.
And you on brought -- and thank you both gentlemen for that very fiery discussion.
But the -- at the pleasure.
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