“$105 Trillion in Debt” - Social Security Benefits Should Start at 80 Years Old

Episode Transcript

Speaker 1 (00:00):
Trump touts tax really for vast majority of seniors on
Social Securities ninetieth anniversary. Okay, so when he says this.
President Trump's proclamation issued Thursday to mark the ninetieth anniversary
of Social Security ACXAM by FDR described it as a
monumental legislative achievement, stating, to this day, social Security is
rooted in a simple promise, those who gave their careers

(00:21):
to building our nation will always have the support, stability,
and the relief they deserve. The proclamation highlights his administration's improvement,
including technological advances and a reduction and an average telephone
response time from thirty minutes last year to six minutes
and eighty percent decrease. Trump claims these efforts insure social
Security now stands stronger and more resilient than ever before,

(00:42):
Counting democratic criticism of workforce and one big, big, beautiful bill,
the administration complete over three point one million payments ahead
of schedule, totaling seventeen billion dollars to eligible beneficiaries, and
the proclamation notes provisions in the Republican spending package signed
last month allow the vast majority do you seniors who
receive Social Security to pay absolute nothing in taxes on

(01:03):
their benefits, which Trump calls the largest tax break for
seniors in the history of our country. Rob so is
him signing gets.

Speaker 2 (01:11):
This is and then he praises the Social Security commissioner.

Speaker 3 (01:15):
Go for it.

Speaker 4 (01:16):
Brought with them some of the most talented people in business,
and they were making again, they were making.

Speaker 3 (01:23):
A lot of money, but they made a lot of money.

Speaker 4 (01:24):
They had money, they didn't have to make anymore, and
they just want to do this. They want to have
our country become strong, good, and that's what's happening. And
we're doing that a lot of locations, a lot of areas.
You deal with some of the people that are commissioners,
that are secretaries of State, of secretaris of Treasury and

(01:44):
of commerce, people that were really really successful people, and
they gave all that up to make a very small
amount of money. They don't even consider it a fraction.
You say one percent, less than one percent year, that's
pretty good. That's a big that's a big bak.

Speaker 3 (02:01):
Okay.

Speaker 1 (02:02):
So you see this here, and obviously it's nice, it's
great everything that they're talking about. But then when you
get your social securities statement that comes in and many
of these letters it tells you the account's going to
be insolvent by twenty thirty three, that it's going to
run out of money. And the one part that we
don't think about. Every president is afraid of having the

(02:24):
Social Security conversation.

Speaker 3 (02:26):
They're all afraid of it. You know why. It's a
big voter base.

Speaker 1 (02:29):
And if you don't get it, you're not gonna win midterms,
You're not gonna win elections, You're not gonna win any
of that stuff. But I'm not running for office. Okay,
if you're younger watching this, you're gonna pay price for it.
I'm talking to the guys that are in their twenties
and their thirties. Watch this here, Rob, Can you go
back and type in when when FDR came out with
Social Security? What was the life expectancy in America? So

(02:53):
I'll tell you while he's pulling this up. FDR comes
out with Social Security in nineteen thirty five. Life expectancy
at the time was sixty one years old. Okay, sixty
one years old? Was life expectancy at that time? Okay,
sixty one years old?

Speaker 3 (03:08):
Right there?

Speaker 1 (03:09):
Do you know when benefits were paid out? Sixty five
years old? So at the time benefits were paid out
four years after the average American died. So do you
know the first time when they came out with social
Security became law? The first time they paid out social
Security was in nineteen thirty seven. Nineteen thirty seven, they
US to pay social Security in lumpsum. Do you know
in nineteen thirty seven, how many people in America got

(03:31):
Social Security? You know what the number is? Can you
tap in how many people got Social Security the first
year they paid it out. It's roughly fifty four thousand
people that got social Security the first year, give or
take not nineteen forty. Nineteen thirty seven is the first
year they paid it out. How many people in nineteen
thirty seven got Social Security? It's fifty four thousand people,

(03:55):
give or take. Do you know in nineteen thirty seven
when fifty four people got Social Security? Do you know
how what the US population was at the time. Fifty
three thousand people got Social Security. Do you know what
the US population was at the time. The US population
at the time was one hundred and twenty eight million people.
So let's do some math vine. I know you like math,
I love it. Can you type in US population nineteen

(04:16):
thirty seven. Top you know where I'm going with this.
Watch this. Let's do math. So if you do fifty
four thousand people got benefits out of one hundred and
twenty eight million people, let's do the math. You know
what the number is. It should be point zero zero
four percent. So today, what's our population? So if we

(04:41):
apply this into today's math, So let's take this times
three hundred and forty million people to use FDR's formula.

Speaker 3 (04:50):
Today, only one hundred and forty.

Speaker 1 (04:52):
Three thousand people should be getting social security today. Do
you know how many people got Social Security payments? Can
you pull up the number?

Speaker 3 (04:59):
Police? What it is?

Speaker 1 (05:00):
Fifty million, seventy four million people are getting Social Security
checks today. The number is right there. Seventy four million
people are getting Social Security checks today. So let me
get the straight. We started off in thirty seven, average
age was a life expectancy was sixty one. Benefits started

(05:20):
at sixty five. Only fifty four thousand people got the
benefit out of one hundred and twenty eight million, point
zero zero zero four percent. You apply to today on
three hundred and forty million, it should be one hundred
forty three thousand. Yet seventy four million plus, got it?
And if we applied FDR's calculation on when social security
benefits should start, you know what it should be, rob,

(05:41):
Can you do me a favor? What is the life
expectancy today of Americans?

Speaker 3 (05:47):
Like what you guys want to guess? Let's let's what
is what is seventy two?

Speaker 2 (05:51):
More than that?

Speaker 3 (05:52):
What is it today? What is it today? Ye? What
is it today? Seventy eight? Okay? Do you know what
that means?

Speaker 1 (05:59):
If we use the same exact principle of social security
starts four years later sixty one, sixty five, and that
was when we were living sixty one. Now you go
to seventy eight. You know when benefits should start at
eighty four years old. If we use FDR's formula, social
security today should start at eighty.

Speaker 2 (06:20):
Four years old if are normally dying around.

Speaker 1 (06:22):
But by the way, no body is going to agree
to this, because no one's going to get elected except
for the youth. If you're in your twenties and you're
in your thirties, you ought to be campaigning for not
wanting any social security. But also the debt load is

(06:42):
not going to be passed on you, because in reality
it is and you're going to be suffering a consequence.
So let me get the straight median incomes not comparable
to what it was twenty years ago, forty years ago,
eighty years ago, were a lot of these boomers. They
were able to buy. How some paid off within eight
to ten twelve years. By twenty two, twenty three, twenty five,
they had a house. It's not the case today. Your

(07:02):
income was able to give you decent, you know, life,
not today on the backs of what so now they'll
say it's the billionaire's fault, it's the rich man's fault. No,
it's called out of all the money that America gets
in taxes, which is roughly four point nine trillion dollars
of revenue that comes in. Tax revenue that comes in,

(07:23):
do you know what percentages use for entitlement programs? Sixty
eight percent of that income is used for entitlement programs.

Speaker 3 (07:31):
Let me explain to you what this means.

Speaker 1 (07:33):
You make four hundred and ninety thousand dollars a year.

Speaker 3 (07:36):
You're rich, You're doing very good for yourself.

Speaker 1 (07:39):
Your parents guilt trip you on paying seventy percent of
your four hundred and ninety thousand dollars every year to
your cousins, to your siblings, to your grandparents, to your aunts,
to your uncle's. They guilt trip you, But mom, I
worked hard for this doesn't matter. Give it to your cousins,

(08:03):
give it to your uncles, give it to your aunts.

Speaker 3 (08:05):
Are you kidding me? Yes, I worked so hard to make.

Speaker 1 (08:08):
Four ninety Let's take four hundred and ninety thousand dollars
of income time point sixty eight, three hundred and thirty
three thousand dollars of it should be given to your
friends and family. Do you think that's a good idea.
If you don't think that's a good idea, why should
it be a good idea for twenty year olds and
thirty year olds that are sitting there saying, what's gonna
happen with us? If the account's going to deplete in
twenty thirty three, twenty thirty five, are we going to
keep adding this forty trillion debt? Fifty trillion debt? Do

(08:31):
you know what are told unpaid commitments we have in debt?
Not not national debt? Our national debt is what roughly
rop thirty eight trillion dollars. Our national debt is thirty
eight trillion dollars. What is our total national debt. Clock
will say, what, let's let's look at this here. Thirty
seven point two trillion dollars. Yeah, but what is our
complete debt that we have to all the programs combined?

Speaker 3 (08:55):
Right then?

Speaker 1 (08:55):
It's on the side of it's one hundred trillion right there,
it's one hundred and five trillion dollars.

Speaker 4 (08:58):
Yep.

Speaker 1 (09:00):
And that's our commitment to social security, commitment to everything
else that we have.

Speaker 3 (09:04):
That's your death.

Speaker 1 (09:06):
That's your debt to all the young folks that are
watching this, that's your unfunded debt and interest free. Get
the thirty seven trillion dollars. That's it there you have
to pay for. How do you think that money is
gonna come? You think we have that much oil, You
think we have that much bitcoin? You think we have
that much reserve? And gold you think we have done?
How much you think we have in gold? You know
how much we have in gold? You know our gold reserve?

(09:28):
How much is our gold reserve? Op? Can you go
to our gold reserve? How much do we have in
our US gold reserve? Look at the number should be
four to five hundred million. Vot's gone up now, but
it should be a a what's the number. What's a
dollar amount that we have? Book value? Told, Okay, there
it is. Overall the US reserve gold is now seven
hundred and fifty is so four Knox alone as three

(09:49):
eighty eight, we have seven hundred and fifty seven billion dollars.
Oh my god, that's so much money. Go back to
the dead clock. You know how much that is? Nothing?
That's the change that's did joiner somebody what I just said.
The change the gold would simply pay for the change.
So if you go to the amount of debt that

(10:09):
we have, we're in a bad situation, right yeah, bad
situation right now. Say yeah, you know what, Social Security,
Let's keep doing it, guys, let's keep doing it. I
think the least somebody should have the brass to do.
Raise the age to seventy five. And by the way,
you know how it should be. This is how I
would do it. Tom push back on this, and please

(10:30):
give the Devil's advocate argument to what I'm saying, and
tear apart my argument. If you're above sixty years old,
guess what, let's pay you off at the age that
we have right now. If you're below sixty years old,
benefit starts at seventy five years old.

Speaker 3 (10:47):
We don't have a choice but to do this.

Speaker 1 (10:51):
Benefits start at seventy five years old, not sixty five
years I would go to eighty. I'd go to eighty five.
We're living longer, but benefits goes back to seventy five
five years old. For anybody under the age of sixty.
Anyone above the age of sixty, you're there. Your benefit
start at no. Sixty five years old. Above sixty, above sixty,
you get it at sixty five. Below sixty seventy five
years old. Tom thoughts argue against it.

Speaker 5 (11:15):
I'm not against it because there needs to be a
financial restructuring.

Speaker 3 (11:19):
But I'll be the devil's advocate on the voter side.

Speaker 5 (11:21):
Okay, so I recognize that we have a spreadsheet that
doesn't work, so we got to do something.

Speaker 3 (11:29):
But here's going to be the argument.

Speaker 5 (11:30):
Wait a minute, I didn't work for a company with pensions.
I've got some savings. My wife and I have our
individual eras we rolled a couple of small four ow
and ks over when we were with companies that could
get us a four oh one K, and we got
our savings and social security. That's what I intended to
live on. What do you mean you're just going to
pay me a lump sum. You're supposed to pay me
by the month. I mean getting statements from the government

(11:52):
that said that I'm going to get twenty seven hundred
and thirty two hundred dollars a month for the rest
of my life, and my wife's going to get twelve
hundred one thousand dollars plus my savings. Were selling the house,
We're moving to Florida. We're gonna get a condo downsize.
That was my plan. You can't change the plan on me.
You can't pull the rug out from under me right now.

(12:14):
That is the devil's advocate position, that's the voter. And
then my other brain says, well, you got to do it.
Greece was going bankrupt, Denny, going bankrupt. Go look up
Greease austerity riots going back fifteen years ago, I believe
it was they said in Greece were freaking broke, and

(12:35):
we are one of the that's right. Fifteen years ago
May twenty ten, almost exactly fifteen years ago, the government
said we're going broke. Guess what, some of you folks
are gonna have to work longer, and then you're gonna
have a little less. It's called austerity when you get
to retirement. And they're like, wait a minute, me sitting
on the porch with the missus having a little tiny

(12:58):
juice glass full of wine, the way I we live
our lives here. Maybe you're telling me I got to
work longer and I'm gonna get less. Yes, And then
they revised it, I believe twice, and people went bonkers.
You know how the people went bonkers because also in socialism,
you know what you had. You had people like me

(13:18):
sitting in a job, and you had people like my
niece waiting for that. I want to work at the
post office for the rest of my life on a
good government job, just get paid, hang out. But I
can't get my job until my dad retires, and you're
telling me, now I got to wait for him to retire.
So this was it was called a Barbell reaction, where

(13:38):
you have two ends of the spectrum or reacting, and
then you have the bar in the middle. The youth
went bonkers, they're not going to get basically socialist income
and thirty hour a week jobs and gets paid their
living wage for that. And then the older people said,
I get less and I can't retire for another five years.
And then you can see what they did. They reacted

(13:59):
a little bit, and they kind of took up the
place Adam your thoughts.

Speaker 2 (14:03):
So I'm gonna tell a story, so bear with me.
So I've had a I've had a rough week. My
stepdad died and we know that I went to his
funeral and he's been sick for quite some time. But
i'd have a very crucial conversation with my mom about
life and finances and work, and I here's what I

(14:25):
said to my mom, who's seventy four, and I love you, mom,
and thank you any for reminding me to call my
mom every day. I said, Mom, you're not retiring anytime soon.
You need to stay working. You need to make more money,
and you need to save that money. I love you, I'm.

Speaker 3 (14:39):
Here for you.

Speaker 2 (14:40):
Whatever your shortfall is, I got you. But you need
to stay working because I want you here to age
one hundred. And if you're going to be living for
the next twenty five years, you don't have enough money
to last another five years. You need to keep working.
There's no retiring for you. And that is exactly the
type of conversation that unfortunately many of you need to
have with your parents and your grandparents because they did

(15:01):
not save that money. And it's sad and it's true.
People always ask me, Pat, how did you mean? Pat?

Speaker 3 (15:06):
What's it? You know?

Speaker 2 (15:07):
The number one reason I'm here, number one reason is
because that debt clock, that Robi if you can show that.
I saw that in twenty fifteen, and I said, what
the hell is this? I said, what's going on here?
I was at a conference in Vegas, much like we
were just at last week. And of course this is
when I was drinking. I'm sitting in the back of

(15:30):
the room and I'm hungover, and I'm sitting in the
back of the room and it's you know how the
insurance guys are. It's all older white guys and they're
all doing their thing, and I'm just I'm sitting in
the back of the room and I hear blah blah
blah blah blah, and that's why millennials are gonna be broke.
I'm like, what, millennials are gonna be broke?

Speaker 3 (15:45):
What do you mean?

Speaker 2 (15:46):
They're like, did you not hear anything we just said
for the last hour? I was like, no, I'm hungover.
It's Vegas, and I go, what do you mean they're
gonna be broke? I go, what are we gonna do
about it?

Speaker 3 (15:56):
They go.

Speaker 2 (15:59):
Nothing, But we're about to retire. That's on you. I
was like what? And I felt inspired to basically start
my show and I talked to Pat. I was like, Pat,
I wanted to do this thing. It's at twenty sixteen.
At this point, I said, all right, I'm gonna help
millennials save that money. And I realized that this is
a major problem. Here's a little fun facts for you.
You talked about social Security. I'm fully on the same
page with you. Pat. It's for social security workers per retiree.

(16:21):
That's what social Security is founded on. Workers work, They
make the money. The retirees who pay into it get
to receive the money. In nineteen forty, after FDR did
the new deal, do you know how many workers per retiree?
There were forty two workers per the retiree. Pat, you're
ready for this. You know how many workers per retiree?
Now two? In nineteen forty there was forty two workers

(16:46):
per each retiree. Now there's two. And do you think
that's going the right way or the wrong way? Life
expectancy then you said was sixty one. You receive benefits
at sixty five. Now you're living to eighty five ninety.
My grandma is ninety eight years old.

Speaker 3 (17:00):
She's going to be one hundred.

Speaker 2 (17:01):
People are living longer, and then also as far as
living longer, birth rates are going lower. The math is
not in our favorite. Social Security was built for a
world that we lived to sixty five. We're all living
to eighty five, ninety five, one hundred.

Speaker 3 (17:15):
No wonder.

Speaker 2 (17:16):
This country is going broke. People criticize me, Adam focused
on Epstein Gaza Auto Pen. We're broke and we need
to focus on saving that money.

Speaker 5 (17:27):
It was supposed to be a small supplement for approximately
two years. It's become a pension program for forty years.

Speaker 2 (17:33):
Yes, and it's very sad, but true tilted. This is
why I care so much about that.

Speaker 3 (17:38):
To raise the age, I agree with you. They have
to raise the age.

Speaker 1 (17:43):
To the boomers that were listening who got off the
podcast when I told you, earmuffs, remember what I said,
they have to raise the age. Your kids and grandkids
are going to be destroyed for this one day. Every
once in a while, we get new things that come
up for summer. Summer hats are here, and I want
to show you this with the summer hats that we have.

(18:04):
They're not that many. We didn't order hundreds of them.
It is very limited supply for someone. We're just simply
testing it out. The first one is the splat print.
If you look at it's pretty sick. Can you change
your pictures on that rock. There's not that many of these.
We're simply ordering these to see how you like it,
and then we may do a bigger supply. It's a
new Future looks bright design on the back of it.
It's actually pretty sick on the bottom of as well.

(18:26):
Then this next one, the black one, is not going
to last, although I think the next these two are
going to be competing. Look at this one here by
the way with the front logo real cool on the way.
This black one looks with the orange on the bottom,
the Future looks bright on the back. And the last,
but not least, it is the white one with gold
Future looks bright, Future looks bright on the back on

(18:47):
the bottom and an American flag in value. Tim it's
just to vinny. This one looks out sick. Look at
how the phone This one looks absolutely sick and so
they're out now again. Go place an order. When you
do place in order, a gift comes with it as well.
For there one hundred people that placed your order. But
those are the new hats that came in on Valutainment
summertime Go represent Future looks Bright Gear. Theyist came out

(19:12):
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