Social Security - An Insurance Scheme?
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- Опубліковано 10 бер 2024
- What social security is not. #miltonmonday #MiltonFriedman #capitalism #economics #freemarket #freedom #liberty #entrepreneur #business #investments #society #equality #wealth #inflation #tax #taxes #insurance #social security #retirement
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Social Security is an annuity that's been mismanaged . If an insurance company did that they would all be in jail.
Exactly.
Mandatory insurance? Do you drive? If the democrat party pushes for mandatory health insurance again, and you are forced to pay what the insurance company says it is worth, would you say the same? I agree with you. But it is so much more. All unconstitutional and against everything our country stands for.
Should have told that to those in the depression bread lines. I'm sure they would have understood.
No way. The bosses never pay!
Insurance companies are not regulated by government you pay and they tell you what there gonna cover thanks republicans
If politicians had to live on SS, it would be livable !!! Thats the reality!
Obama care never polled well either but we have it and it sucks.
This education is omitted from schools now. Wonder why... Not really
Social Security, regardless has been paid for by the people. To date there are $ 2.8 trillion dollars of IOU's taken out by government for other programs. Those IOU's were suppose to paid back with interest. My mother was at the start of Social Security. The people were told that Social Security Trust Fund would never be used for anything else. But today we have $ 2.8 trillion in IOU's. There would be no danger of Social Security being insolvent if they hadn't stole the money for projects. We would have an abundance of money for the next 100 years. And the younger generation would enjoy their Social Security at full payment and would not have to keep working longer.
The money wasn't stolen. The federal government did exactly with that money what the social security act says they can do with it: whatever it wants to.
The preamble to the Social Security Act of 1935: "An act to provide for the general welfare by establishing a system of Federal old-age benefits, and by enabling the several States to make more adequate provision for aged persons, blind persons, dependent and crippled children, maternal and child welfare, public health, and the administration of their unemployment compensation laws; to establish a Social Security Board; *to raise revenue; and for other purposes.*"
Re-read that last line.
It is easier to fool people than to convince them that they have been fooled. -- attributed to Mark Twain
I'm a Senior Citizen on Social Security and I'll tell you now we've been ripped off! The money each Social Security recipient is barely enough to survive on. Meanwhile Congress has pilterd hundreds of billions of dollars from the Social security fund! That's money that could have helped Senior citizens! We should be getting at least double what we are receiving today! Congress stole that money to fund their own pet projects and/or line their own pockets! Meanwhile I along with every Senior Citizen are struggling on a day to day basis with no reprevie in sight! Instead we get mere penance, 6.something, penance I tell you. That is sinful for a government to steal from your seniors citizens! Yet they don't know the amount of sweat day after day it took to earn a buck! We The People have been robbed!!!
He forgot to mention what you said ss would be solvent if they kept their hands out of it
it wasnt meant for you to survive on. It was meant to make you dependent on gov
If you didn't put that money into SS, you would probably have nothing. People are incapable of saving for their old age on their own. You want to complain about SS being not enough?....where would you be without it?
SS was a Ponzi from the get go. When instituted in the 1935 the life expectancy for men was 60 and women 64. The age of retirement was 65. Now they would say that number was low due to infant mortality. Still you weren’t expected to live much longer than a few years. As life expectancy increased the retirement age was never changed. Now it has only risen to 67. Yet life expectancy is now closer to 80 with many living into their 90’s.
Congress stole the money so they could buy votes by funding things that the people demanded. If they hadn't stolen the money they wouldn't have been re-elected.
So basically the American people of 60 years ago stole from the future.
Get involved in your local government and you'll see it there too. City Council doesn't work on what the residents want. I've grown to believe there is some sort of error in representative governance.
Positions of authority attract cluster B personalities and pathologies. Keep government constrained and limited in function to keep it as a necessary evil, not an evil leviathan.
And your hunch is absolutely right. One of the many problems is this: The representative only needs to be less disliked than his opponent, and then he has 4 years (or whatever other long time period) where he can basically do anything so long as it's not incredibly egregious.
There is very little incentive for elected officials to actually represent the interests of the public. The first-past-the-post election system, the lack of transparency, and the centralization of power in distant hands are but a few elements that lead to this.
Even insurance is a scam.
Ignoring insurance companies thay won’t pay out, I’d still agree with you, because the whole point is that people on average pay in more than they get out. But then, it’s a scam in your favor if you need a payout isn’t it
Which part? The part where you pay them but they don't pay you when you make a claim? Or is it when the insurance company has too many claims, tax payers have to bail them out? Or is when free citizens have to, by law, purchase their products to operate a motor vehicle? Or is it when you're coerced to purchase the product to get a loan to purchase a house, a house, that has become too expensive acquire without a loan? Or is it when the insurance company drops you or triples your rate because of a wildfire or hurricane in your state? Or.... ROFL
I want my money back, I do very well in index funds, compounded annualized return rates. We’re getting fleeced with an additional tax.
Love this guy!
He is correct pertaining to Social Security. For example, if ALL workers have the discipline to save money, invest their savings for 20 to 50 years , and not be tempted along the way to tap/spend those savings, and if ALL stay healthy mentally and physically there would be no need for Social Security.
Today....the good professor would be sharing a cell with Julian Assange.
Big Government is always bad news bears!!!!
I'm with the govt. and I'm here to help. HAHA!! SCAM!
Im from the government and im here to impede
I thought social security was a buyout program that was supposed to end when FDR great screwup.
I am on social security now. I am grateful that somebody forged me to save for retirement, though I have some other resources as well. I have never crunched the numbers to see what the ROI rate is though.
He is so relevant today
🎉 And it's doubly worse when the government creates those programs to meet some social need without the society actually requesting it or actually needing it but to impose rules and regulations for the only purpose of control.😊
If the gop ran an anti-social security candidate that would be awesome.
Praise be
Abolish the administrative state.
Well atleast this current administration for sure. Their inability to literally do just one thing correctly is shocking.
This much I have calculated, for the money I put into SS and expected to recieve over my lifetime I will be at least $750k behind.
You can illegally enter America at retirement age and get social security and health insurance. I’ll pay into social security for nearly 50 years and it’s very possible they’ll be nothing left for my age group.
Have to be legal. Have to have paid in.
@@SandfordSmythenope.
Bro with the mustache was disgusted 😂
I’ve read your comments people. Can’t you all just be happy that we as citizens of the United States are damn lucky to have working for us MILLIONAIRES in both parties. Ain’t it great !! Our loving, caring and selfless leaders are LOADED TO THE HILT … say it out loud, OUR LEADERS ARE LOADED !! see, I bet you feel better now huh !! - your welcome ❤️🤓
He’d be rolling in his grave!!!
Yep
It is well past due, we must rethink the role of government at every level
same crooked tricks being done today
OK let s have a referendum then .....
Supreme court ruled you are not entitled to anything.. Social security is a TAX
My picket fence was stolen
Didn't people vote for parties
who wanted to legislate
for social security ?
Obamacare … we will read it later but you must vote now😂😂😂
And yet social security and Medicare make all the difference. Keep talking…
Friedman was good. Rothbard was the GOAT
The greatest sacred cow in American economics is Milton Friedman.
@@davidwatkins8016 Monetarism, Friedman baby, is a mistake so subtle, and so destructive. The only real economic truth comes from Austrian economists.
Overwhelmingly from DEMOCRATS. The Controler Party! 😮😮😮😮😮😮😮
Bring back the law of the jungle!
I test people based on their opinion of Milton Friedman. If you don't know or follow Milton Friedman then you are not on my side.
I don't agree with Miton on everything but for the most part he is correct.
No public demand? It keeps at least 1/3 of the elderly out of poverty. Most ignorant statement I've ever heard.
There wasn’t a demand for government to take money from people then return it at a negative rate decades later.
The “need” has been created now more than ever where one did not exist to nearly the extent you are lead to believe.
Wahhahaha 😂😂😂
He's talking about demand BEFORE it was introduced, not government-created dependency several generations later.
Without government intervention, there wouldn't be that much poverty. Heavily taxing people is what created more poverty. It's like taking a dollar out of everyone then give half of it back. The other half has gone to waste. What you're seeing is the result.
@@btcrsr888No heavily taxing the WRONG people, and not taxing some at all creates poverty. It’s not right that the average teacher or nurse pays more taxes than Jeff Bezos & friends.
Very little relationship between what one pays in and receives?
Nonsense
The problem with SS is that the government can’t pay interest on what the borrowed from SS
If they never had that Trust fund option.
SS would be fine.
When retired people supported the status quo social security was the most important program above all else. Now retirees are fed up with the status quo they can just go sleep in the streets.
LIES!
Yeah..its called big business that can get bigger contracts from s bigger government.😂😂😂😂
He speaks truth right until the says "Social Security". Elderly poverty was common, and didn't have to be produced...there was already a need for a solution. Social Security is the only successful government program ever developed...so much so, that the government strips money from the program all the time. Some, in government, want to do away with SS so that it doesn't have to pay back the loans it has taken from it. (Debt reduction)
The government will never pay it and social security means a low standard of living and you are even lucky just live long enough to actually use it
Successful for a while. Mathematically it depends on an exponential population growth forever. In the 50's there were 16 workers per beneficiary. Today it's fewer than three. It simply cannot continue as it is indefinitely. The math doesn't math.
Let’s not kid ourselves- gov ain’t a-paying NOBODY back… 34 trillion debt ??? Not a penny will be returned.
@KendraWooten-fk7mz It's being paid back now . That's what will be depleted in 2034.
Oh...the inhumanity!
He negelects to mention the corporate states obligations under international law. The securitizatiom of rights from 1934 was specifically so each nation, then soverigin state by 1947, could build up a trust res, being that bankruptcy remote consolidated revenue, that is every persons share of the commonweal of their country. This was considered immediately after the abolition of the bimetalic standard, as a measure to ensure the par value of the person. The person as gold has a property. Thus a man is entitled to receive his personal property. Not have it drip fed with fees applied against it by the administering corporate state
Not an annuity !!!
"There was no demand for social security".....bruh forgot about the great depression lmaooo
Except the first payouts began in 1940? The Great Depression was basically over by then. The Act required people to pay more money to the government in the middle of the Great Depression before a single cent of benefit was seen.
Whahahahahah 😂😂😂😂
@@Mr.MoneyBags1 yeah, it's called future-looking policy . 25% of the US population was unemployed. Most people had no nest egg, no retirement, no pension, or no job
The Great Depression was created, developed, and produced by the federal government, namely via the creation and ongoing interference of the Federal Reserve. This nefariously facilitated the underlying demand to increase the size, scope, and power of the federal government.
@@TheScoonBrosbut there was no public demand.
Make the rich pay a living wage and their fair share of taxes the rest would take care of its self
In 2021, the bottom half of taxpayers earned 10.4 percent of total AGI and paid 2.3 percent of all federal individual income taxes. The top 1 percent earned 26.3 percent of total AGI and paid 45.8 percent of all federal income taxes.
You make no sense. What does it mean for the rich to pay a living wage.. what does that even mean? And who gets to determine what "fair share" means? You mean corporations, right? So what happens when corporate taxes or other expenses go up, genius? They pass those on to the consumer.. that's you.. that's me. Making the rich pay more means WE pay more. Get it now? 🤷
Why not just pass a law making it illegal to be poor?😂
The rich pay a disproportionately high amount of taxes! 😮😮😮😮😮😮😮
There is no law requiring a living being to pay taxes.
They require a person to do it.
Not a dictionary person, its a law dictionary person.
That's what the rich know and you didn't know to learn about.
Look up legal name fraud.
Your taxes aren't required to run government, they are just a means to suppress you.
Is Milton freedman relevant in a world where billionaires live on loans to avoid paying taxes?
Of course His Excellency is relevant! The challenge for you is to prove your question’s validity by demonstrating its accuracy.
@@Alahulapuuloakealahelenokaahu it sounds like I was feeling cynical at the time. Social Security an Insurance Scheme? Perhaps you and I spend too much time on you tube. I have a feeling you know the gas laws from chemistry…PV=nRT. It’s one of the few things I remember. I have a sense that His Excellency was also equally impressed by the simple beauty of that equation. I think his equation might be MV=RT. Economics isn’t a closed system. I’m sure he knew that but the beauty of pressure and volume equaling an amount of gas, temperature times some sort of constant was too much for him to set aside. The economy is for ever changing too. They say inflation is a restructuring event. More likely we are in a new era of AI (they tell me). Wasn’t the expectation that the rise in interest rates would cause a recession? No, I don’t think you can prove his theory right or wrong, one way or the other. Me? I’d like to think I could avoid, going forward, clicking on an article like social security being an insurance scam. Thank you for your thoughtful remarks.
Although it’s a an imperfect program to this day, however many Americans count on that paycheck.
Social Security was created in the United States to address the widespread poverty among elderly Americans during the Great Depression. The Social Security Act, signed into law by President Franklin D. Roosevelt on August 14, 1935, was part of the New Deal and aimed to provide financial security for the elderly, unemployed, and disadvantaged Americans.
The Act introduced several programs:
Old-age benefits for retirees over 65 based on lifetime payroll tax contributions.
Unemployment insurance for those who lost their jobs.
Aid to Families with Dependent Children (AFDC) to support children in families without a breadwinner.
Disability insurance for those unable to work due to disability.
This federal safety net was designed to mitigate the economic risks of old age, poverty, unemployment, and the burdens of widows and fatherless children. It represented a fundamental shift in the government’s role in social welfare and continues to be a critical component of America’s social safety net.
Ghoulish smile
Baloney. This did not age well at all.
"bruh" Really?
Government Shakedown !
How's about COVID ?
SS is the best thing our country can do for our seniors and future seniors.
Like so many others like you who have become intoxicated with government dependency and falsifiable disinformation, you have become an apologist for government dependency and deception.
I wonder where mr Friedman would have been if not for the "social security" of his time, the New Deal? The hypocrisy of this man...
How is the New Deal the social security of His Excellency’s time? What is hypocritical about His Excellency? You are so inculcated with belief in and dependency on government that you call an irrefutably honest critic of dishonest and corrupt government a hypocrite without even offering any evidence of it at all. Your dishonest gambit says more about you than it says about His Excellency!
Talk about propaganda , This guy is case in point.
Jajajajaajajaj 😂😂😂😂
One of the greatest economists ever. You would do well to study what he has to say.
@DouglasForth no thanks. I'm doing just fine without this, guys, version of the world .
@@ckc1802if your doing fine you must be a government contractor or entrepreneur that hasn’t been quashed by Amazon
I wonder what would have happened to so many people who have depended on Medicare and the monthly Social Security payment they receive when they reach retirement age, if Social Security had not existed. How wrong this man was. Only 52% of private employees have a retirement plan in USA. Without S. S. half of the people and their families would be living in extreme poverty at the time of retirement and the economic and social consequences would be devastating for the country.
They would have been forced to save for themselves or not. Personal choice and personal responsibility. No nanny state.
Read for the reasons every civilized society in the world has it. What you had say is just ignorance.
Where is the evidence of His Excellency being wrong about what His Excellency says about social security and medicare? What qualifies you as being authoritative and an expert source of information and opinion about economic policy and issues? Unless you can demonstrate the accuracy and validity of your claim that His Excellency is wrong, your objection is overruled and your dubious and gratuitous claim is invalid and dismissed!
So what.
Should have told that to those waiting in the great depression bread lines. I'm sure they would have understood.
This is just silly. It wasn't sold because they needed it at the time because of the great depression.
So all the women and children living on the streets in the 30s and 40s 50s because their man had runoff or died was not necessary. All the older men that could not work any longer because of physical conditions living on the street it was not necessary for them to have something to fall back on really? So I guess people are just supposed to starve and be quiet.
😂😂😂😂
If you listen to this long enough, you might be tempted to believe what is being said. But most of the points he's making are false. None of us alive today, lived in the desperate times which spawned the security net that is "Social Security. "
It's not in any way an insurance scheme.
You can trust and believe, that if special interests could convince the majority that Social Security should be phased out, for whatever reason, it's a direct attempt to stop paying the pittance that employers pay to secure the futures of those who will not always find favor with employers.
THIS IS WHY THE ACCURATE RECORDING AND STUDY OF HISTORY IS IMPORTANT!
U made your account today. Least obvious fed 😹😹😹
It's just a supplement to help retired .This man is propagandast himself. .😊
the public demand was millions of old people unable to work and no way to get money....the amount is your top 40 years of working divided by 40=1 year ...this guy is full of it
There was no public demand for SS. None at all. 😮😮😮
Demand was the millions of people needing help[monetarily]and the govt. mandate to help the PEOPLE@@kurkwatts8716
I’m confused…wasn’t the Great Depression and baby boomers after the war the sole reason we needed it. It keeps like 27 million elderly people out of poverty. If that isn’t a need, than idk what is. You can’t expect people to plan for things like hyperinflation and recession without giving wages that match current prices. Hence why having the safety net of Social Security as kind of “required saving account” is important.
The thing is that the government taking 12.4% of your salary makes it harder to save for the future. And also takes away from incentive, because many people think of it as a retirement system. So it's a self-fulfilling thing.
@@DouglasForth I agree
@@DouglasForth But you have to believe that people will voluntarily save and invest. And not spend this new 12% added to your paycheck on stupid shit. I always thought that was kind of the reason they fine you for taking from your 401k early. To incentivize to save and keep investing.
The problem with your argument is that you begin with the pre supposition that there is a predestined amount of problems like hyperinflation and unemployment. And that government is not responsible for most of them in the first place.
@@LuisCarlos-zv1wi you’re right but I mean when has there not been financial problems in anybody’s lifetime who can collect Social Security at this time? And I’m not necessarily arguing for Social Security, believe me I don’t need the government taking 12% forcing me to save overtime when I can, and do, confidently do it on my own. But not everyone is financially sound or stable so having Social Security as a sort of “old-age benefits” makes sense to me. I mean we fund it ourselves and it directly benefits us in the long run. The idea of getting rid of it is kind of insane considering it would almost automatically put millions in financial crisis. Forcing them to most likely take money from other social programs (unemployment). Can and should we really expect everyone who is 70+ to not only find jobs but keep them till death just so they can survive?
Thanks for posting. I had almost forgotten what a charlatan Milton Friedman was.
Without any evidence of what you assert, you are only too happy to falsely assail the character of a noble and heroic man who has educated more people than you care to believe and admit. It may be that if you were to be investigated, what you have accused His Excellency of being would surface in your own past and maybe even in the present.
I LOOOOOVE HIMMM!!!!!!!! ❤❤❤❤❤🙌🙌🙌🙌🙌🙌🙌🙌🙌🙌🙌The best of the best of the best ever!!!!!!
Why should anyone listen to this old shit
FOOLs listening to SHILL of RICH
Milton Friedman: can anyone provide proof that he ever donated to a charity? He cared only about his Wall St. followers. I have more respect for Ayn Rand's views on the Soviet Union than for anything Friedman offered about social security.
I believe this clip should be used to help define the term “gaslighting”. As a country, I guess this fella would just have us allow our people to starve.
I’m not here to tell you it’s a perfect program - very few if any government programs are perfect. But … it’s also one of the most helpful government programs available.
This guy was a massive putz
😂😂😂
This guy is just factually incorrect.
Which facts?
My parent's died and niether one collected one check i went to get the money they laughed at me said it goes to the government u real.