Social Security Myths DEBUNKED: Prof. Davies Takes on Robert Reich

Robert Reich says “the super rich are killing Social Security.” Is he right? Professor Antony Davies gives a resounding NO in this reaction video.

#socialsecurity #RobertReich #inequality #scrapthecap

CHAPTERS:
0:00 Who is Robert Reich?
0:45 Three Examples: Marked Inequality
3:03 Reich: “Social Security is popular!”
4:45 Helping people out of poverty?
6:49 Boom in Boomer Retirements
8:54 Reich: “The rich should pay more”
9:35 “Scrap the Cap?”
12:22 “The Solution is Obvious?”
14:27 How to Fix Social Security
16:49 Planning for the Future

LEARN LIBERTY:

[HarryF-tzfo]

social security is so great you face imprisonment if you don't participate.

[DrProgNerd]

My folks had a rental property. It was a source of passive income for them. They paid taxes on this income. They sold the property and paid capital gains tax (a hefty amount). They got a notification this year that - because their income was greater - their SS was going to be cut this year.
So - to recap - they paid taxes on a thing, paid taxes for the profit on the sale of the thing, and are now getting penalized for having money left over from the untaxed sale of the thing.
All this is happening while Congress is arguing about how much more they want to go into debt - and what to spend that debt on. Imagine if we ran our household budgets the way the government runs the budget.

[FourthRoot]

I should have known Robert Reich wasn't a real economist. Now I totally get why he makes the arguments he does.

[bvoyelr]

I just can't believe how easy it is to lie to people and tell them social security is their best path forward. The numbers are so clearly and obviously in the favor of the private market that ANY option that involved it would almost immediately be superior.

[marcusmoonstein]

Someone could make an entire career out of debunking Robert Reich.

[darthhodges]

Social Security is "popular" because no politician is willing to honestly talk about changing it. The word "privatize" will lose elections, regardless of which party is dominant in that district and any form of "fix" that isn't based on "tax the rich" will also lose elections.

[grooveman]

The 1936 government Social Security pamphlet said that "after the first 3 years (1940) you will pay, and your employer will pay, 1.5 cents for each dollar you earn, up to $3, 000 a year. Beginning in 1942 you will pay 2 cents and so will your employer for three years. Beginning in 1949 you and your employer will each pay 3 cents on each dollar up to $3, 000 a year. This is the most you will ever pay!" The Social Security pamphlet closes with another lie: “Beginning November 24, 1936, the United States government will set up a Social Security account for you … The checks will come to you as a right.” First, there’s no Social Security account containing your money, but more importantly, the U.S. Supreme Court has ruled on two occasions that Americans have no legal right to Social Security payments.

[darthhodges]

I'm 40 and am assuming I won't be able to collect Social Security. Firstly because the government is so bad at handling money there won't be any in 23 years when I am eligible. Secondly because I'm a straight, white, male and I could easily see the next stop gap measure to be to declare certain "undesirable" people to be ineligible. The kind of people who would propose that see me as the worst of the worst.

[bradmiller]

The crowding out effect of social security is a disaster. It so severely limits the portion of income that can actually be saved for retirement or other life needs that has a crippling affect on society.

[bseer]

My BS radar turns on when some one says, "The rich need to pay their fair share." The term "fair share" is not adequately explain although it just comes down to envy.

[danieldeweerd]

Robert Reich isn't held up inn public because he's a serious intellect. He's held up in public because he's too short to see otherwise.

[fredlawrence]

The other thing is that social security is counting on you to die before you receive all of the benefits you paid for. In a private retirement account the money you put in is yours and if you die it goes to your spouse or your children!

[donniewatson]

I'm 54. I don't expect to get to retire because I made bad decisions on my retirement planning when I was young. I'm going to likely be working until lunch on the day of my funeral and will have to help to bury myself to pay for my funeral. Of course, I'm joking about my mistakes. But, I don't see Social Security as any security. I just won't retire if I have it to draw on it. I don't suspect that I will.

[BobBrittonBespoke]

Great video. Thank you Prof Davies for clear and honest talk. I'm so sick of the political talking points rather than actual facts.

[jatozzie]

Why doesn't America do what we have in Australia, "compulsary supperanuation", essentially you pay the same amount ~12% of your income but it goes to your choice of private trust or company to reinvest for you. No defaulting on your loans or the government getting in the way, what you pay is what you get.

[Ryanrobi]

We need an opt out it's absolutely insane it's forced on us all.

[ssm]

Back in the 80’s there was a popular consumer advocate named Howard Ruff. One day he did a short expose on the ultimate failure of the SS system. He proposed we should stop the charade and just call it what it really was, Welfare for seniors. Make it needs based and give it to those who qualify. Since then I have organized my life around that concept. Still too many of my Boomer cohort believed SS was their retirement plan. They will be gravely disappointed when between the programmed devaluation of the US currency and increasing taxes on benefits, their SS check will be lucky tobuy loaf or two of stale bread and a pint of rot gut vodka.

[raywillett]

RR knows that his “solution” isn’t a long term solution. How do guys like him sleep at night when they lie to the public in such a despicable way.

[DoritoWorldOrder]

So glad to see Learn Liberty coming back to its roots in making videos like this. Going to increase my annual donation to SFL.

[Sophiaarrigo]

Always loved these videos. Hope you guys do more