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Response to your retirement the president says he is getting serious about cutting debt.
But its fiscal twenty -- budget all but neglects to tackle an area that makes -- by huge chunk of spending.
And a primary driver of long term debt entitlement programs right.
That also includes Social Security folks -- critics say the program needs to be overhauled for it to survive.
That includes chuck flops he's a research fellow with the Hoover institution.
He also served as the deputy director of the National Economic Council.
Executive director of the president's commission to strengthen Social Security under a couple of different presidents -- right now we got the six minute intro out of the way chuck let's get into the meat of why you are here.
Social Security -- you make of the budget today and he rather lack of focus on Social Security.
Well -- All I can say on this Valentine's Day it's it's as though young workers paying a -- security got the equivalent of a dear John letter today.
There have been some flirting with them the last couple of months so you saw the president's fiscal commission.
They came forward with a copper and Social Security reform proposal and there have been hints that there be attention given to their long term interest.
But unfortunately as you indicated the president's budget indicates that no serious proposals are going to be forthcoming to repair the long term outlook for Social Security.
Yeah but I'm not gonna be partisan on this -- Giacomo and we you know we we talk about debt and we were you know this viewers this show no we don't.
Like that politicians on because both sides kind of say the same thing.
But both sides -- Terrified.
To tackle Social Security are they not Republicans and Democrats alike don't want to get up in front of the voters.
And say sorry folks can't retire -- eighty.
Well absolutely there's plenty of fear on both sides of the -- this is one reason why presidential leadership is so important.
Couple of existing conditions right now that we don't normally half we have split control of congress that's very important -- phenomenon that you described.
Especially when you -- party controlling everything one party control in the White House one party control in the congress you that a minority parties in no mood to help majority party -- -- -- security.
It's only when you have this kind of split jurisdiction in congress we're both parties -- some skin in the game.
-- you also have the fact that right now the president's fiscal commission to come out with that substantial amount of bipartisan cover on Social Security.
So you have unusual conditions here that would admit -- some leadership that you don't normally have.
You even had senator McConnell couple weeks ago on Meet the Press.
Offering to work with the president on Social Security reform -- -- reform.
And at the same time.
You have a Congressional Budget Office coming forward with severely worsened from long term projections -- security.
You're going back to our Valentine's Day metaphor -- only read we're gonna see and Social Security coming forward -- all -- red ink that's gonna be spilling out of the program.
Over the next couple of decades so the substantive imperative is there and the opportunity for leadership as they are so this is that a critical very costly missed -- -- little normally do chuck have you got autocratic powers close -- to -- -- ago.
Do anything you want.
What would you might have.
My personal opinions there's a lot of things that the fiscal commission did that I would support I I would support changing the benefit formula on the high in command.
The way that they did or waste so much the way that they did I think the retirement age has to be looked at I would probably.
Personally go even further than they did.
Remember right now people can claim benefits under Social Security by age 62.
When FDR efforts to stop the program 65.
Under the commission's proposals people still be able to claim benefits by the end of the 21 century.
By age 64.
It seemed that the very least we -- to get back to people not claiming benefits under Social Security.
Until at least as long as they had to wait back and FDR's -- -- -- do that type of stuff but also allow you know certain government state local federal workers to retire in their mid fifties.
Mean there's there's plenty of people that -- retiring you know they work for government you know at 52 years old on a full pension while.
You know the working stiffs out there in the private sector what people are saying I got -- -- -- seven.
Well that this is actually -- a great segue to the third thing that I would do to repair so security is that the current program.
Is designed in combination with a lot of other things to basically drive people out of the workforce -- if you and I had an hour here I could probably list.
A very long number of things -- security does to have that effect.
But basically what we know is that under -- -- security.
If a senior makes this decision to extend their working career at continue to pay taxes and -- program on average they're gonna lose about half the value of that.
Even net of all the additional benefits they might get back from putting in the additional contributions.
So the number of things we ought to change -- security so the people are not induced her to leave the workforce as early as they currently are.
Chop block house thank you -- great to get your opinion on this Valentine's Day good luck with the -- Thank you are --
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