Social Security - Taxes and Welfare
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- Опубліковано 11 вер 2024
- What’s a bad combination of taxes and welfare distribution? #MiltonMonday #MiltonFriedman #capitalism #economics #freemarket #freedom #liberty #entrepreneur #business #investments #society #equality #wealth #inflation #tax #taxes #insurance #socialsecurity #retirement
I've paid into the system for 50 years and my employers paid into it as well and the government had control of said funds for that time to invest and accumulate more but instead they took from it and spent it on non refundable programs.
America should have set it up a Sovreign wealth fund. If they did that and invested every dime in the S&P 500 social security from inception, there would be plenty of money in there for everyone.
Social security is a much bigger ponzi scheme than Bernie Madoff could have ever come up with.
The government did not take from the SSA.
The SSA by law purchases US Treasury bonds.
The SSA earns interest on the bonds thereby increaaing the pool of money to pay out.
Congress does not fund the SSA it decides how much money it wants to repay each year.
The SSA is the lender not the borrower.
They are the largest domestic holder of federal debt.
@shawnr771 Actually the government has borrowed from SSA to the tune of 1.7 trillion dollars to use on other programs and has been paying it back with just notes but their time on said loans is running out and by next year they have to start paying it back with actual funds. Research it.
@@shawnr771 everything you said was absolutely correct. The problem is that they're only earning 2.85% interest.
As a sovereign investment fund SSA would be earning at least four times as much interest
I think we need to get the politicians the hell out of social security so they quit using it for their BS special interests
What did he say that wasn't factual?
@@youtubesucks1499 everything. Rich people don't have wage tax because they for the most part don't have wages. They have passive income or capital gains neither are Social Security taxed.
@@charlesstockford6003 And? So what? Charles, you get a percentage based on what you put in.
Personally, SSI is a terrible idea. It's a Ponzi scheme.
If the government offered me all my money back plus interest I would take that offer in a second.
@@youtubesucks1499 Same here.
You're RIGHT.
Social Security was doing fine until Congress illegally took money from it With no plan to put it back
I didn't know Ronald Reagan was called Congress?
No it wasnt
And Even if you go back to what that was, the same Will happen to the government
@@bigt3995 You can borrow from Social Security but you have to have a plan to put it back before you borrow it
@@bigt3995 I blame fiat currency and George Soros because...why not.
No, it was doing fine when we had 35-40 workers contributing to every one who was drawing on the system. We have a much smaller ratio now, like five people contributing to every one drawing payments. This whole thing was a damned Ponzi scheme from day one. Where we’re at now is simply the logic end result of virtually all Ponzi schemes. Which is why they’re illegal . . . unless the government forces it upon us, like FDR did.
He is saying America is wwwaaayyyyy More SOCIALISTIC, than any of us Realizes
U need to get better educated
@@starwarsnaomiNo they’re right. Social Security, the Military-Industrial Complex, the Public School System, and the Federal Reserve are all socialist institutions by virtue of their function. All place arbitrary governmental restrictions on the operation of various elements of society.
@starwarsnaomi he is not wrong
Only since Carter
Wrong he is not saying anything I didnt already know. How come you had to wait to see this short to open your eyes?
NDR
It's not welfare ,SSI is paid by the recipient and the employer,it is not an intitalment!
You get LESS than you put in. It is a LOSS for Everyone but the Politicians.
You act like SSI is optional for everyone and not a tax. The truth is if it were optional it would fail.
It is an entitlement program. You are entitled to the benefit. People say it’s not an entitlement because the word entitled these days is more commonly used ironically to describe someone who thinks they deserve something they don’t. It’s the same as something bad happening and ironically saying, “Great.”
Entitlement???? I worked 38 quarters and I won't receive anything because I later worked for a city government. I didn't pay anymore into Social Security and now have a pension that I paid into. However, my nephew who never worked a day in his life gets paid through SS because he claims to be mentally incapable. My 38 quarters into 4 years of military active duty and working in factory where my fingers were broken on steel rollers. It should be an entitlement for workers not slackers.
You don’t pay enough to get the benefit we get
Social security is not welfare and it's not an entitlement. You pay for it with YOUR money.
social security is paid for by whoever is paying now. you do not pay for YOUR social security.
True but it is taken out of your paycheck before it is in your hands whether you like it or not, you don't have a choice. That ain't right... Why is it up to "them" to create a retirement fund for you by taking your money before you physically own it and then do whatever they want with it for decades until it's time to "give it back"?
Social Security is an anti-poverty program, in which high-earners overpay relative to received benefits and in which low-earners underpay relative to received benefits. I'm not opposed to the program, but it's wrong to say it isn't welfare, as it is a redistributive anti-poverty program.
@thewisecracker-rq1pu why is it up to "the law". It's not a "them" deal.
It's because 90% of the people lack the education to understand how your money works for you. Maybe if politicians advocated for more money in education instead of defunding it, it would be a different story.
@@DoomX0 if you don't work, it doesn't get paid. An employer is not just sending out cash to imaginary employees. That is 100% your money.
I’ll gladly give up my social security. Just give me back, with interest, what I was forced to pay into it and I’ll take care of my own retirement.
Heck, even with 0% interest, you'd be better off getting back what you paid in than hoping the government might give you part of it back.
@misterbeeps no you wouldnt...you are the perfect tbexample of someone who doesn't know math just talking
@@4656superman Math doesn't factor into it. When the government wants to trade you blankets for your guns that's a bad deal no matter how cold you are.
According to SS calculations on my contributions and compounded interest on the contributions, I would have to live to my mid-90s to collect the entire amount.
If I could have invested that money for 50 years I'd be rich.
Or you could have lost it all, like
many did in 2008.
Tell me you're ignorant without saying it. @@kevinskiles2033
@@kevinskiles2033 But if you sat tight, you're well ahead, especially if you perform routine rebalancing.
No you wouldnt...😅😅😅😅
@@4656superman Yes he would 😂😂😂😂
Leave our Social security alone.We worked for it Keep your greedy hands off of it.Its not a entitlement it's a repayment established by FDR.
You fool, they stole it all. There's nothing there.
If you worked for it and want it to be left alone surly you have the most incentive to protect it keep it in your control. What makes you think the bureaucrats are better custodians of your money than yourself?
Amen
IF YOU DON'T WANT TO PAY SOCIAL SECURITY TO RECIPIENTS DON'T TAKE IT OUT THERE CHECKS AND DON'T GET THE EMPLOYER TO MATCH IT
Work as an independent contractor, pay into SSI if you want.
@@trishbrad00 I'm not talking about workers I'm talking about government
It's not about wanting to pay, it's about whether or not the system works, and it doesn't. SS is a Ponzi scheme, which will cheat the last "investors." SS isn't a "fund.". It's a tax that requires 13 people to pay 1 person on SS. It used to only require 2. Unless our population multiplies by 6.5 during the course of your working life, there won't be enough people paying into it.
Refund all Social Security with intrest compounded for the term it was paid in! They just print the money anyway. No need to tax jst keep turning the printers on.
lol, I agree😅😅😅
Milton Friedman was an economist...he's correct in what he is saying here.
Friedman was good, but Murray Rothbard is the GOAT
All laws were written for the rich
Not at all. But if the laws were against you then you wouldn't be rich any more would you?
Without social security would be a disaster. And it's not welfare it's earned. Employers are never discouraged from hiring they only hire when they need employees.
Is South Korea a disaster they have virtually no social security? What make you think government reallocating your productivity is a good thing?
You take responsibility for your own retirement and save as much of your paycheck as you want to during your working career.
I'm investing 15% of my gross income for retirement on top of the 5.5% they steal from me for SS.
@@spconrad9612they don't take 7% from you...
@@4656superman 5.5%, thanks, I stand corrected.
@@4656superman It's not 7% it's 12.4%. 6.2% technically comes from you and 6.2% technically from your employer. Actually all of it comes from your employer, it's from their bank account. And all of it comes out of your pocket because that's money they can't afford to pay an employee because it's going to the government as a cost of having an employee.
It's much worse now than when this was made
It's now a system where you can pay in all your life and probably end up with nothing to show for it
Demographic lottery combined with terrible government "rate of investment" which is worse than inflation
Milton Freidmen was such a brilliant man.
I worked in America 42 years.
I was taxed for 42 years
This guy is fool of the day.
Wants a person retires they will need something to live off of.
We don't all have trust funds, and a lot of us weren't educated about 401ks or Roth accounts.
Did you have a choice?
@maxxpro4 what is your point...
You weren't educated and when someone tries to educate you call them fool for assuming you want to be educated. Fair enough.
@gorkyd7912 you have know idea what you are talking about.
You are full of wishful thinking.
If you don't believe education makes a difference. Don't educate your kids.
@@arabionjames9290 Education makes a MASSIVE difference, it's THE most important factor in every human's life (and has been for all of recorded history.) That's why it's so incredibly tragic that the US education system is chite. Not educating your kids would actually be better, they will get better education on their own than being locked in the prison system staring at a teacher in a 1820's style classroom. It's daycare for 12 years and then if you're good in daycare you might get the great privilege of qualifying to be burdened with a $50,000 loan that you can't avoid through bankruptcy as you then enter the workforce and realize that most of what they told you was bull dung and your "skills" are not required and will not be compensated.
MILTON FRIEDMAN IS VERY KNOWLEDGABLE OF ECONOMICS AND UNDERSTANDS HUMAN INTERFACE WITH MONEY, POLITICS AND ECONOMICS. A GENIOUS.
Omg...you misspelled genius. Economics is a field invented to favor people with power and influence. It is NOT perfect, but research the U.S. without Social Security...
@@kagadaza07it was the best country the world had ever seen. The individual was responsible for his own life and no one had a claim on someone else’s productivity freedom was Americas first principal it’s such a shame to see them lose their way.
@@jodyqt Delusional.
@@rickgilbrtgreat point you win 🤦♂️
SS is an annuity that if it was an insurance company administrating it the whole company would be in Leavenworth.
For him to call it welfare is ignorance on his part.
Amen, that's right
You're an expert on ignorance.
@@misterbeepsOh look everybody, a billionaire chiming in.
He knows, it’s just his agenda..
He was an American economist who won the Nobel Prize. I would tend to think he knows what he is talking about. Social Security benefits are a gift from other taxpayers. It’s not just your money coming back to you
He’s either ignorant of the system, or is lying. The money is taken from us as a tax it’s not welfare.
He is very ignorant about this but helpful on some other economic phenomena, such as inflation.
Ssi pays people disability. Comes out of our funds we pay and employers pay into SS
@@johnhinston958 Yes. You are right.
@@johnhinston958SSI is welfare paid by general funds.
How is that not welfare? Do you think welfare money doesn't come from taxes?
I paid into my Social Security for over 46 years. That money is not an entitlement. I paid my hard earned money to insure I'd have money to retire on.
He’s not talking about that benefit but the other
@@amgirl4286 Actually he was.
You shouldn’t be relying on social security for retirement. You should have a pensions and a 401k/roth IRA. You should have 3 sources of income in retirement.
Not to mention if you’d taken all the money you put into Social security and instead invested it in a broad market index fund, you’d have more money now than you’ll ever get from social security.
You didnt pay willingly. You say that like you have a choice
I agree, but there are people that never paid in, but get monthly benefits. It is SS disability, it draws off everyone's SS, and it is being abused like welfare.
I'll happily pay it if it helps my parents live independently.
All the while your parents are desperately lonely wishing they saw you more and you too are lonely, wishing you didn’t have to work so much and had time to visit the people you love…. Money well spent.
@@anfinsons yeah well that's what their own retirement is for mate
Why do you need the government in between you giving money to your parents?
The world instantly became a better place when Milton Friedman checked out.
I worked for 45 years. 25 of which I was Employer and Employee so I paid double on SS and Medicare of what most Americans did. I am still working at 64 but now have to apply for Medicare and looked into that mess. It's like an Algebra problem to solve to assure your best choice with the known variables of A & B but the C,D, & G are supplemental variables that are dependent on different situations. I maxed out payments to SS a few years but I will never get out what I paid in. It's in your genes normally that are an indicator of your life span normally. When they said my age group had to be 66.83 years old to collect full retirement, made me think they had some professional Actuary's predicting deaths. I had a brother that worked all his life of 55 years where did his SS payments go? When our government allowed it to be a general account to pull from for whatever they needed was wrong. I hope it is not true that the funding for phones and a check was given to every illegal immigrant was from SS (General Fund). It's easy to do when the government provides Federal employees a nice pension which I believe excludes them from paying into SS. Please correct me if this is
not true but it stands to reason.
You didn't ever pay double. If you're an employee you pay nothing, all of it comes from employer's revenue. Or, if you prefer, as an employee you pay the full 12.4% because the employer has to put their share of toward SS instead of paying it to you. Either way, you pay the same amount. The tax rate is 12.4%, it comes from the employer, and it comes out of the potential income of the employee. So everyone pays all of it and we're just playing semantics over who is responsible.
He's got a CROCKODILE SMILE
He's really saying that we're going to loose our social security to pay off our national debt because right now we are going in debt a trillion dollars every hundred days
So end Social Security and give us our money back and let us invest in our own favorites of our communities and generally tell the Federal Reserve to leave everybody else alone.
The federal government is like an unattended 1 👁 alligator in a meat 🍖 market!
Americans are FORCED to pay SS. If you are reasonably astute you could take that money and double or triple what the government gives you. It is really for those people who are too ignorant to save and manage their earnings.
Friedman! So right on everything economic... Keyensian thought has been proven so wrong
His talk about subversion should be taught everywhere.
I seem to remember reading that the VERY FIRST WORKER who enrolled in Social Security contributed about $250, but received over $6,000 in benefits. 🤷🏽♂️
what gay bar toilet wall did you read that on?
@@jodyqt
Upon further research- the first recipient of social security benefits received a total of $22,888.92, after contributing only $24.75.
You might want to tell your mom that she needs to secure her wig so that no one else is mislead by that erroneous information tattooed on her scalp when the wig flies off after she starts bobbing her head too fast.
@@louisbecker5941yeah that’s bullshit because the first social security system was in Germany they had gold marks not dollars and the First Lady in USA only worked 3 weeks and then retired and lived to be 100 so she leached of others the government didn’t grow 24 dollars into 22k they robbed other to pay her it’s called a Ponzi scheme only works if more people join every year to rip off and then when there is nobody left to steal from the system collapses
All about corporate greed
Nope it’s all about government control over the economy and how they don’t know what they are doing the bureaucrats are not omniscient
I was diagnosed with a terminal illness paid aSS for 50 years . Retired at 66 and will get 4-5 years of benefit. Then nothing for my family. Who got the benefit? Government
Keeps employers from hiring.... oh like when they took their manufacturing departments overseas, or when they hide their profits offshore, or when they don't give raises all while CEOs and the board make tens of millions for running the companies and PRODUCTS into the ground. American products are not what they used to be. It isn't the workers. Its the boards saying to cut quality so they can report a bigger profit margin to their shareholders which of course are just themselves and are not really owners.
It is the workers. There is no US education. We can barely read or write, we can't work. I'm a sub-par worker, but I can go to any jobsite in the nation and take a job from someone who's been there for 20 years just by having a good attitude.
My man Milton Friedman helped create the income tax system. No doubt he regretted that.
This guy’s ideas “helped” many farmers lose their farms. Social security has been a huge win for America. He is actually advocating bringing back poor houses. That didn’t work. Take his advice and work until you drop.
Taxing wages, income earned by the sweat of ones brow, is the most unethical thing a government can do.
As a matter of fact, both Canada and the US did not do this before WWI, and in Canada's case it was supposed to be a temporary measure.
Always pure genius...❤
And as soon as we get an increase in SS inflation gobbles it up.
It keeps millions of seniors financially safe!
It's a pyramid scam. Only way it keeps seniors safe is if we have an ever-expanding work force to cover the bill. You can't put $6000/year into something and get $35,000/year back without it being partly a welfare program paid by current taxes. Luckily it's not just debt spending yet.
A spokesman for corporates 😂😂😂😂😂
More like…For the individuals right to his own life
Milton Friedman(RIP) nails it.
Social security tax was not considered legal by a large group of people when it was enacted. So much so that it was soon and put in the court. During the supreme court hearing the
Just imagine the deficit and DEATHTRUMP left with Covid 19
What im pissed is i pay into a pension plan with millions of other worker. I get a return of about 2 or 5 %.
Meanwhile and ellected officials gets about 23% return on there pension investment. Why cant the millions of dollars the coman works contribut. They work for 4 or more yrs. But the they are eligible for pension till death.
WE CAN'T AFFORD THIS.
Actually they do have to work for more than four years to qualify for retirement benefits but, I absolutely get your point. Politicians would never dare to take money from the FER fund.
With a corrupt government
I don't even know his name, but he's clearly a wealthy businessman. These people have a unique focus.
Well let enlighten you from ignorance Milton Friedman was an economist and professor at the University of Chicago he never owned a business he was an advocate for free markets he died in 2006 his net worth was only 1.5 million he is one of the most ethical well thought out people that ever lived he is also a Nobel prize winner
It's been used as a piggy bank by both parties in the past. That's why we have easily solved issues with it now. It's our money and one of the things keeping the elderly afloat. Rich people don't like it at all.
AND before LBJ moved SS into the "general fund" to balance the budget that year.
Was never moved to the general fund. Social security is a separate fund only used as collateral for for loans against the debt
@greglamothe5942 SS buys Treasury bonds, which they can cash out as needed. The SS money stays as an asset in the SS Fund
Okay. If the Social Security system is so bad, tell us what changes you would make that would make it good. I am tired of people that offer only criticism and no recommendations for fixing or improving what they are critical of.
Why is the privat US healthcare system one of the most expensive healthcare systems in the world, yet provides on average worse care and coverage than most social healthcare systems?
Over 85 Million Americans depends on Social Security every Month.
A one time child tax credit of 10k deposited into a mutual fund upon a child’s birth would be a much better way to provide a retirement fund.
If you contribute to SS for 35-45 years, and you are paid from the principal and the interest on your own contributions, how is it welfare?
I believe if we were not paying for social security from our pay checks the government would be taking some other tax from out checks.
Absolutely. It’s been known.
Says the rich person who won't ever need it
He’s not wrong. Without some sort of wealth redistribution system, there would be a lot of old people out on the street. Society doesn’t seem to be willing to tolerate that, despite the fact that a sentient person should have been able to save, within their lifetime, enough for a comfortable retirement.
I can’t think of a better solution that is palatable to a large number of voters. perhaps a little better investment is in order than just loaning it all to the treasury to be spent by Congress.
If you have ever have a disagreement with Social Security you will learn quickly just how screwed up the government can make a system….including affecting the thinking of the very people in the operation of that system.
Underrated comment. Folks need to watch the recent 60 minute special where Social Security accidentally overpaid beneficiaries, then came back essentially saying "Oops. Our bad. Anyways, I know you're on a limited income now but we need you to pay us back and write a check for $97,000 ASAP please, thanks :)."
It's so easy to complain and so hard to solve problems
Give us our money back.
I would do way better in index funds than the government can ever do for me. The government is terrible at managing money, horrible.
We need the fair tax and only a retirement fund no more income taxes and social security
How may people pass away before 62 who never collect a check?
All you folks that say that I paid into therefore it is mine, are clueless. The SCOTUS has ruled multiple times that social security payment is not guaranteed to those that paid into it. Don't believe me, research it. The government can simply say you ain't getting any of it, period.
Stop talking it out of my paycheck it my money.
Taxpayers want a lifetime of refund.
Food & rent requires work.
Doesn't that apply to all tax spending? Can we look at what is spent on defense? How about the tax breaks given to companies who don't pay their employees a living wage? The heads of those corporations get paid more and the large pool of labor has to rely on social programs like food stamps to get by.
...but he's right it's not the Trillions (with a T) in bloated government spending. It's not the corporations that pay their CEOs hundreds of Millions and deny those at the bottom of the ladder a living wage for a 40 hour week, it's the damn welfare recipients. Someone ought to do something about those people!
It is insurance not an entitlement. The opposition wants to move it to the stock market which is a gambling den.
If SS was/ is so great, why aren’t our politicians on it?
Any of them who worked in a corporate job or earned "wages" in a self-employment job and accumulated 40 quarters of work credit are eligible for benefits. They just happened to vote themselves a pension as well - a benefit that most of working America no longer has, thanks to corporate greed for private sector and shortsighted public service pension funding for public sector.
Politicians salaries should be put into some form of escrow!!!
HE IS RIGHT
The reason we’re in so much trouble financially in this country is because we have departed from this man’s teaching
Political left are socialists
EXACTLY 💯!!!!!!!!!!!!!!!
100% correct America needs separation of state and economy
Its the worst idea except for a better way to give old people a minimum.
This guy so wealthy he doesn't know the difference between social security retirement, and social security disability.
Attack but no solution that will actually work and not disinfranchise lower wage workers.
Be truthful, it cuts the wealth growth of the richest!
Social security would be just fine if Both parties weren't raiding it.
Welfare?
OK - just give me all my money back.
These laws make total sense when constructing a completely ARTIFICIAL world.
Farm or be Pharmed(root word HARMED!)
If congress would leave Social Security alone it would work.
If everyone paid a flat tax rate and contributed say 25% and that money grows with interest it shouldn’t be hard to distribute. There’s a lot of people collecting it early who shouldn’t be receiving it overweight, claiming a bunch of false narratives and it’s wasted away
What does history tell us about American society before social security? Why was it invented? Does social security greatly help to discern a civilized society from uncivil.
That's the progressive movement in a nutshell. Corruption at its finest, ignorance at its best.
How would he distribute welfare ?
Just asking as he thinks greed is the key to a successful society
It’s no welfare,I paid into it.
It’s working for me brother.
I paid in, i want it back, simple.
According to him social security is a bad thing to common people, but for him lobbies money is his social security.
There are winners and losers in every con game but the problem with SSI is that when we stop growing the workforce it will be insolvent. Look at France, they've been rioting for years because their population hasn't sustained their SS scheme and therefore the government is forced to make cuts and people are angry about that. Coming to the US soon, which is already a massive powder keg due to foreign-owned media propaganda and corruption. It can bring down the nation entirely. That's usually not great for the common man, the common man doesn't enjoy being blown to bits in a war just so their parents could save a modest retirement.
Brilliant!!!!
Logical analysis of Social Security based on "textbook" thinking ! Naturally, those who are financially "well-heeled" and comfortable see Social Security as a "socialist" welfare idea !
Without a fair way to help folks who are old, sickly or handicapped, the USA's population would be a cesspool of human suffering !😢
IRS income tax
Two words: corrupt bankers
The principle of Social Security is perfect... the application (read abuses) made by governments and unions have converted it in a non functioning system...
Who decides not to work because of income tax?? Ridiculous!!
A lot of people, particularly young single individuals with no kids. They get their checks sliced 60/40 after the 60k threshold.
@@incognito1427 More description needed. "Sliced 60/40 after 60k" is pretty cryptic.
I know dozens of people who don't work because they are on benefits and if they draw even a tiny amount of income they will lose benefits.
@@rickgilbrt most single people with no dependant and on W2 (over $60,000 USD) with limited deduction options have their checks split close to 40% tax and 60% take home and after that they paid use, sale and many other local and state taxes.
When we account for every single tax imposed by the government its close or over 50% of the real wages.
Social security has terrible ROI, it is just another tax.
For past payers it's great. Pay in $6000, get a guaranteed $35,000 annually.
@gorkyd7912 Yeah, how long are they paying in 6k? Bet it's still a bad deal. Regressive taxes are usually bad.
@@Dan-codes Depends, but average age to enter workforce has been increasing with employment of 16-24-year-olds declining and more people spending more time in college and living with parents. The average retirement age is ~64 and the average lifespan is ~78. So that's around 40 years of paying vs. 14 years retirement.