Also see this Bloomberg article saying: "Social Security will run out sooner than expected" - Look at the date of Social Security running out: 2037!!! All the fear mongering over social security by MSM and the government is ridiculous - expect them trying to brainwash everyone into thinking it is a "giveaway by the government"!
Peter Coy begins stuttering when the anchor Susan Swain, says "Social Security is well funded and has trillions in excess".
He does not know what to say and then at the 31 minute mark, he says he will have to look into it.
He calls Social Security an entitlement.
Which I had posted and wrote about, informing everyone Social Security is NOT an entitlement.
The part that is important about Social Security starts at 28 minutes of this video.
Peter Coy had been saying Social Security cuts were needed, but Swain informed him it was well funded, that is when he began stuttering and trying to get around the facts.
Transcript of part that is important about Social Security with Peter Coy
SWAIN: Let me turn from that to the thesis of your cover story, which is "Why the Debt Crisis is Even Worse Than You Think." It's accompanied by this chart or graphic which I'd like to put on the screen which is the debt deluge in which you show what everyone is talking about and what everyone should be talking about which is the fiscal gap what's this all about
COY: Fiscal gap is a different way of measuring out problems Everyone focuses on the national debt..which of course is important to focus on but, the national debt is backward looking it tells you what's obligations have already accumulated
What it doesn't tell you fully is the debt to come..or the obligations we are incurring now based on the way we've created formulas for social security, medicare and medicaid. If you look at those and you go out into the indefinite future.to make sure that there's not some kind of accounting problem on the distant horizon..you find that the gap...between everything we expect to receive --tax revenue-- and everything we expect to spend is $211 trillion ...trillion dollars...stated in today's dollars
SWAIN: So, what does Washington do with that?
COY: Well, what you do is what people have been talking about doing. You've got to tackle the entitlements because that's by far the bulk of the problem. Entitlements of course being social security and medicare. You also have to tackle medicaid. You also have to deal with the outlying years. You have to create formulas that will be sustainable. And you have to figure out how to something about with healthcare costs which are rising at a rate that's unsustainable, presumably by changing the incentives. This has been said on C-Span and elsehwere but it's not just talk it's like the economists that look at the longterm future say if that doesn't happen things just kind of blow up. Even 212 trillion wouldn't be enough.
SWAIN: Well one thing just to note..as you're saying Social Security is part of the solution....In this illustration you have here...social security...taxes... let's see.one side is revenue and one side is debt. It shows social security in a surplus. Right. 132 in what is receives versus 110 trillion? Am I reading that correctly? [Coy responds, "Yeah."] So, people who social security be set aside we've paid into it it's really solvent for right now. Why should that be part of the discussion?
The left side of the chart (debt) reads, "Social Security $110 tn." The right side (receipts) reads "Social Security taxes $132 tn."
COY: That 's a good point. The social security numbers...the trust fund is not the crucial issue. That's why people say that medicare is where the bigger problem...but, social security...um...[is] probably going to have to have a higher...um...retirement age..but, you know...funny thing...I think that's a good point you're making there. I'm going to go back and look at that more closely for next week's story.
Notice Coy began back tracking on Social Security acting like he had no clue about it!
EVERYONE STAND UP FOR WHAT IS RIGHT - SOCIAL SECURITY IS NOT AN ENTITLEMENT IT IS WELL FUNDED! DO NOT LET THE GOVERNMENT TWIST IT IN YOUR MIND IN THINKING IT IS AN ENTITLEMENT! LET YOUR GOVERNMENT OFFICIALS KNOW THAT YOU KNOW SOCIAL SECURITY IS WHAT WE PAY FOR DIRECTLY!
Where is this video you're talking about?
ReplyDeleteIt is linked in (won't let me embed it) where it says above "Social Security starts at 28 minutes of this video."
ReplyDelete