Brenton Smith Joins Houston Morning News, June 13th, 2024

Episode Transcript

(00:00):
So you talk to one analyst andtalk to another, you're going to get
two different opinions on what's happening insocial security. And if you talk to
the two different parties, perhaps you'llget two different ideas as well. What
is going on with social security?Is it going to be solvent? Will
it be there for you and forme when we retire. Brent Smith wrote
about this for American thinker Breton goodmorning, Good morning, sir, how

(00:21):
are you? Thank you for havingme on. It's good to have you.
Thank you for writing the piece.This matters to so many people,
of course, and people who areapproaching their retiring age really cannot be sure
whether or not social Security is goingto be there for them when that time
comes. Much less the younger folkswho aren't there going to be there for
a while. What can you say, Well, the first thing I would
say, the crisis is today,It isn't in ten years. We have

(00:45):
I think some research shows forty fourpercent of those approaching retirements sixty two to
sixty five are going to claim benefitsearly solely because of the question of solvency.
That crisis is today, That decisionwill as a lifetime. So this
is not we're waiting for solvency whenwe retire. The problem is already here.

(01:07):
The consequences will be delivered over thenext thirty years to these people.
It is a breathtaking statement of noconfidence in Congress. Well rightfully so it's
not discussed very much, though,except in an election year when it's all
about Trump's going to take away yoursocial security, as it seems to be
what the refrain is right now.But that's really pretty far from the truth.

(01:32):
This is Congress's responsibility. It isCongress's responsibility. They've been doing nothing
for thirty years. I have thisis my top issue, and I can
tell you that for very few Americansis it a top issue. Gallup shows
that only half a percent of thepublic rate social security as the top issue.

(01:57):
I saw a terrifying pull out ofNew Shampshire. I think it was
twenty twenty two. This is womenover fifty. There is no issue that
affects that demographic more than social security. It ranked fifth. If you want
to know why you don't ever hearabout social security, it's whether it's electioneer
or not. It's because it's justnot a top priority for people. People

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don't vote that issue, and yetthe Democrats use it to fear monger.
The Republicans tend to fear monger ittoo. They claim that Biden is going
to destroy it. They say Trump'sgoing to destroy it. But I think
that's just really a rally to thebase. I don't think it's serious.
The Republicans haven't had a proposal forsocial Security in ten years, and it

(02:46):
was twenty sixteen. That was bya retiring congressman. So I really have
very haven't found much interest in theRepublican Party in that program, you know,
Brenton. I the more people thatI know who have retired and returned
to the work for workforce because theycannot live on their retirement, it's astounding.

(03:09):
And I hear more and more peoplebasically saying I'm going to work to
the grave. And some people feellike maybe that's the goal of government here,
is to essentially make people work untilthey just until they finally expire.
Well, one of the things that'spushing so Security to insolvency is the rate
of benefit growth. It's growing ata very staggering rate. Benefits in real

(03:31):
terms grew thirty three percent between twothousand and twenty twenty you know. You
hear the Democrats say, well,Congress hasn't improved so Security in fifty years.
Well, the reason is fifty yearsago they set it on an automatic
pilot to increase benefits every year.So Security has improved benefits every year for

(03:54):
the last fifty years. It doesn'tneed Congress to act. All it requires
is Congress doesn't act, so well, they increase. They increase the taxes
on those benefits too. That's onething that people notice immediately if they go
on Social Security, they get thebenefits, but so do their taxes increase.

(04:15):
Well, one of the things thatisn't well publicized is with the expiration
of the what is it the taxcuts in Job Act in twenty twenty six,
the Social Security Administration, this Trusteesreport gets to twenty thirty three because
seniors are going to be paying evenmore than they're currently paying. Basically,
I think it's like eight or tenpercent more. Wow. So if you

(04:39):
used to pay a dollar, you'renot paying a buck ten And it's going
to rise from here yep, andexponentially so. And like you said,
the sad part about it is isfor most people they aren't even aware,
or if they are, they don'tcare. It is not a top issue,
and so meanwhile things continue to getworse. Brent Smith rate piece.

(05:00):
Read it at Americanthinker dot com onsocial security on what the future actually holds
for us when we retire Brenton,thank you for the time, Thank you
for inviting you guys. Have agreat day.