Social Security, now the largest government program, was also the biggest single tragedy of the New Deal. It plunders income and savings, wastes them in government spending, and then taxes people again to pay for the "insurance" benefits. No libertarian could pronounce this bankrupt and disastrous RACKET to be sacrosanct.
@SamDeRe81 yea theyre being and have been fleeced lika mother fucker suks to b a slave. but yea they voted their own destiny and i wont laugh at their sorry asses but they arent getting my canned food
Peter's right, as usual, but he doesn't have to be such a dick to his guests. Especially since it's more informative and engaging to have a dissenting opinion on the show.
I must say, I am quite pleased with C. Blahous' answers - he seems quite reasonable. It would be nice, though, if you, P. Schiff, would take a calmer approach to discussing with opponents. I just felt bad for C. Blahous the whole discussion, as Peter took quite an aggressive approach towards C. B.
Someone has put up channel on youtube called the "SchittReport" - where he talks about various things that contradict Peter. It's got over 100 videos and is worth checking out.
Social Security is a Ponzi Scheme? Does a bear s**t in the woods? Its very construction is the definition of a Ponzi Scheme. Worst kept secret since 9-11. And Oblah blah's citizenship. . . And Hilary Clinton's admission that there's too much money in illegal drug running that legalizing is unlikely. Duh.
Finally someone putting a spotlight on the Trust Fund fiction that has been perpetrated on the American people. I want to hear more, how about the fact that there is no macroeconomic difference between selling a bond to an American and charging a tax to the same American, except the government doesn't pay interest on a tax. There are three ways to fund government - tax, bond, monetize. Same macroeconomic effect, but a tax is the cheaper and not monitarily destabilizing option.
amazing video! I love this guy! And who the fuck votes down his videos? Srsly r ppl so blindly socialist that they ignore the fact that someone from the government admitted that social security is a Ponzi scheme and doesn't have any more money?
There was never suppose to be a trust fund. This guy is a should be fired from the government he is an idiot. Obama is a complete jerk, he did a $1000 cut in payroll tax. Schiff is a fool it is insurance, hopefully you can live as long as possible.
@pirucreek "There was never suppose to be a trust fund"
Read the 1935 Social Security Act, idiot.
Originally, any surplus revenue, by law, had to be invested into securities, and expressly forbidden from any surplus money being part of the general revenue of the government. That changed in 1965.
In 2008, the total accumulated surplus was at 2.4 trillion dollars, and all that money is "invested" in Treasury Bills. I.E. The government spent it and wrote an IOU to itself for it.
@fuzzywzhe The gov't argued in front of courts (lower and Supreme) that SS taxes (payroll) and SS payouts didn't have anything to do with each other. It would have been illegal to force one specific person to pay to a fund that goes to another specific person, which is what would be happening in case of payroll tax, so in fact there was never a fund.
Ida Fuller got 23K USD over years after paying only about $24 for 2 years. So did gov't turn $24 into $23K over 2 years? It was ponzi from start
@romanmir01 First of all, what court case would this be? Name it.
Yeah, it's a Ponzi Scheme, but it was SUPPOSED to be a Trust. What the government did, was steal all the excess money from it.
Legality? The government determines what is legal and not. The government had to pass a constitutional amendment to ban alcohol during prohibition - did they bother to do the same to ban marijuana?
The constitution is just a piece of paper. and the government violates it ALL THE TIME.
ooh, here is one: NO. 910.--OCTOBER Term 1936 (Helvering v. Davis)
Section 802 (a). He is indemnified against claims and demands of any person by reason of such payment. Ibid. The proceeds of both taxes are to be paid into the Treasury like internal-revenue taxes generally, and are not earmarked in any way. Section 807 (a). There are penalties for nonpayment. Section 807 (c).
@fuzzywzhe It was a ponzi scheme from get go, it was never a trust from the start.
How could it eve be a trust if a person who only paid 24 dollars into it over 2 years got $22,888 from it over the remainder of her life starting from the age of retirement?
That's not a trust, that's a ponzi scheme from the very first person who started getting monthly payments.
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The States in USA ratify the Constitution and that's the only reason why federal gov't is even there. So if Constitution is (ctd
@fuzzywzhe So if the Constitution is abandoned like this, there is nothing wrong (and in fact it's right) that the separate states then nullify the agreement, which is broken by the federal legislature and court systems.
@romanmir01 It's really irrelevant, because the nation will be bankrupt within a decade, 2 decades at MOST.
The National Debt will be 33 trillion by then, assuming that we SLOW DOWN spending to our historical long term rate of adding 9.4% to the national debt per year, which we've done on average since 1971.
When tax revenue = yearly deficit, there will be no way to pay back the debt. The real Ponzi scheme isn't Social Security, it's US debt. Treasury Bills are the Ponzi scheme.
@romanmir01 Yeah, whatever. I'm kind of tired of discussing this. We're already on a path of no return - that's all that matters.
Oh, I tried to calculate when tax revenue = yearly deficit, but it's basically impossible to predict because tax revenue is highly erratic from year to year and so is the national deficit - which is probably why the media concentrates on the deficit so much - in some years, it goes to nearly 0, but never lasts long.
Social Security might have worked when life spans were far shorter, but today it is unsustainable. We can't have a system where people sit around at home for 20 years and collect paychecks from the government. There is simply too much money going to support those that don't work via social security, disability and welfare.
anyone! please answer this! no one is discussing population growth and the value of the dollar! does it not make sense that if the population grows then less dollars in circulation keeps the value of the dollar up? printing more money does devalue but population growth counters this somewhat?
Peter Schiff is an Idiot. Keeps interrupting the other guy who is so calm and giving sensible explanations and Peter keeps cutting him off !!! Peter needs to learn basics of hosting a talk show. !!
What did QE1 pay for.... and what did QE2 pay for? (individually) From what I understand if this printing continues QE3 will pay for mortgages and QE4 will pay for municipalites. I saved as much food as I can and if anyone wants to know what i saved let me know. I'll make a video on it. GOD HELP US!
Peter,this guy was a friend, treat him with respect. you are right, but give the guy a break. I have been paying all my life, and I know that money is not there and will never be there for me.retirees should have no debt, if they do they should downsize, and most of them make more than most workers that are trying to support a family . the system is broke, the babyboomers , who got it all for free and cheap are still laughing , and want more free stuff.
This guy had no idea what was coming. "Um, Im with you ... part of the way." As he trys to justify his lips being puckered to the elite ass of society for so long and caught in paper in the form of his books. Wow. Obliterated.
Peter is right we do not owe what was stolen. I am 40 and have paid into it all my life. I and many more are done being screwed without permission. Most of us are looking for other countries to escape too. We chose Belize, they aren't so dumb there as to have unsustainable public welfare. Food grows everywhere and the weather is perfect. It's time to leave people. Let these thieves care for themselves. Sub to Biospharms
The old want what was promised; the young want freedom from those promises. Someone must get screwed... oops, we will all get screwed. This has never been anything but another tax in benefit's clothing. The government will use any excuse it needs to keep taxing us higher and higher, while it continues to siphon off the proceeds.
The reality is, the government will wait until SS benefits bankrupts the country before trying to fix this, because the mere mention of cutting benefits, even incrementally, will enrage the baby boomer voters about to collect, and those currently collecting; Keeping their job is politician priority.
They grew up in a time with a gold standard, without outsourcing, when a family could exist on a single income. SS payouts are salt in the wound. Inflation has already destroyed our future.
I'm in my mid-40's and am not expecting to get a single dime of Social Security... as the fund will be bankrupt when I get to retirement age.... however that is defined when I get to that age. The sad thing not mentioned in this report is how Social Security is already contributing to the deficit instead of helping to keep it from totally going over the top... as was the case for the previous two decades.
We can't just end S.S. cold turkey guys. It is going to have to be phased out over many decades. We have too many people that are now dependent on the taxpayer because of the fraud of S.S. People used to save for retirement in a money that wasn't being constantly debased by the govt. Families, churches, private charities, and local communities also helped. We need to get back to that over the coming decades.
...ooohhh shiiit!! .. that was brutal.. schiff bitch slapped that clown and sent him away like a child to sit in the corner wearing a pointy dunce hat. The only useful thing that idiots book will be good for is toilet paper. LOL
The book "Greenspan's Fraud" details how the 1983 act was a theft, a fraud on the people. It truly was and still is. All that money is gone, gone.
But it didn't stop there. The Fed (and its co-mafiosos Washington, Wall Street and the Complex) spent far more, necessitating the printing press. Now the only way out, the very only way, is inflation- rob the retirees and savers.
But it doesn't stop THERE either. Phony CPI reporting is used to further mask the fraud.
Peter. Let them talk. It's the same every show. I'm one of your biggest supporters but you have to exhibit some semblance of manners or you're going to lose guests and viewers too.
@DaxTheGSD I agree. As much as I'm very much on track with Peter's viewpoints and think he's very intelligent and articulate in his debates, he does have a tendency to drown out his guests and not let them have their say. Even if it's a line of bullshit rhetoric, let them make their points and nail them on it afterward.
@DaxTheGSD Peter is a debater. He doesn't have a professional training in radio host etiquettte. Peter brings an interesting aspect to talk radio though since he isn't just a drone which lets other's propoganda go unchecked without common sense, morals, and economics being brought into the discussion. Lord knows people need to learn philosophy and economics.
It's absolutley a PONZI SCHEME. People should at least be able to opt out of it. Same with Medicare. There's no good reason to force people to participate in what is admitedly a PONZI SCHEME. All the BS you hear about Clinton and the "Surplus" is a total hoax. Total fallacy! IOU's don't count. But Govt loves to cook the books and say they do count. Great job Peter. Like I said before - You took em to school as always!
This is tough to watch, Charles is agreeing with Peter and making intellegent points and Peter is just trying to go AH HAH, GOTCHA. the whole time. this is silly.
@mr82769: thats because peter DID own that clown. That guy was spewing nonsense about a system thats obviously in decay and will not survive going into the new century, while peter is pointing out the reality of this, Its as simple as that. He's doing a radio show here & is under time constraints, theres only a certain amount of time to let his guest talk to make their points, while also allowing enough time for him to also make his own points, he cant just sit back and let his guest babble on.
Didn't they challenge the consitutionality of social security and it was ruled constitutional as it was an income tax and welfare and not an entitlement program?
dude, this guy was intelligent and was actually agreeing with Peter. he's saying we need to reduce Social Security, and that it's unfeasible in its current form. wish Peter would have let him talk more.
@rockstar728 I know what you mean but for the sake of all the brainwashed sheep out there he NEEDED to interrupt that guy and set the record straight so people know instead of hearing the same old bs like from politicians.
This is typical of our crooked leaders. They take our money for 50 years, spend it where they weren't supposed to and then tell us we have to cut you. Not to mention this money should have been placed in interest bearing accounts. Go crook's.
I called in to schiff radio about 3 months ago and gave Peter my solution( or temporary fix) We need to lift the immigration quotas and give out more 10 year visas.. The immigrants will be happy because they can find work and it will keep the pnzi scheme going, Also i find it disturbing that any one would consider cuting benefits before the cut governt works pay/pensions. It is absurd that the seniors didnt recieve cola increases however the govt workings will get about 2 billion in raises
@krillin876 Maybe we could do that for farm workers and a few general labor fields, but this is also how H1-B visas started. Yet now most of microsoft's, IBM's and many other companies employees are indians on H1-B while our own engineers and IT guys are out of work filling up unemployment lines which also have to pay for. I just don't see it working.
To paraphrase the Horny Hick, "We must Kill Social Security NOW!" (along with Medicare, Medicaid, and all subsidies to Individuals, Corporations, and Countries).
@webfulcrum We can't kill these programs right now. They will have to be phased out over the next 20-30 years. There are just too many people now dependent on these programs for them to be abruptly ended.
@joepeeler34 "phasing them out over the next 20-30 years" is synonymous with "don't touch my Social Security."
I'll allow that in some alternate reality those over 50 might feel like they've got some sort of "implied contract" with Washington D.C. to provide for them in their dotage. They are the "me" generation after all.
However, at 43, I'm eager to write off all contributions as a loss, and save my children the serfdom and servitude of footing the bill. "outta my pocket" says I with a gun.
1 third of our money made will go to SS and Healthcare? I assume another third goes to other taxes and indirect taxation. One third in our pockets... A form of slavery.
One of the reasons why in public schools talk so much about early US slavery is to make you think how fortunate of a slave you are. Those blacks where not getting one third of what they made.
@asperin even a medieval peasant only paid 25% taxes..
people also seem to forget that the united states was founded because of all the taxes and regulation from england (i bet many people dont even know that america was only a colony for england.. stupid americans ^^)
What i glean from this is that T he government has spent the money and if required to pay it back they would go broke.
Also those young people he mentions also get the benefits not only the debts of the work of the retirees.
If America has the intention to look after the old and the weak they can surely find the methodology and the means to do so. the question is priorities.
Wow this guy didn't have shit to say that we all didn't know. SS is a bullshit ponzi scheme that will tank. Wait until the collapse, sell part of your gold when the bankers introduce gold backed bonds, that's the long term plan.
i was really speachless when he said that social benefits could be continued but at the cost of ripping of the youth... he basically agreed with peter that it is the same as a ponzi scheme!
i knew there would be coming a lot of crap when i heard him starting with "the art of difining a cut"
but i think the saddest think is that the youth nowadays does not care. i am 24 and most people just think your crazy..
@tizacat You know that there is a form that you can fill out that will force the government to delete you from the Social Security system, right? Your number will be deleted and you will no longer have one.
The problem is that most every financial entity uses that number, although we were all promised by our "honest" government that the number would never be used for any sort of identification. Another lie. Then try to get a job without a Social Security number.
@tomperanteau True .. that has to be changed as well. They knew what they were doing when they made SS be used for ID. Great way for the GOV to hijack us. If this country is ever gonna be prosperous we MUST face the truth about Social Security that Peter Schiff explained so perfectly here!
@tomperanteau Yes- I'm fully aware of this- and I agree that this number's use as an identifier is far from its original purpose as a track of accounts in the social security 'trust fund.' Of course- I would suggest that we keep it for the function of a 'tax ID number,' but that would be against my believe that we only should have one form of tax- a sales tax. Period.
@tizacat anyone! please answer this! no one is discussing population growth and the value of the dollar! does it not make sense that if the population grows then less dollars in circulation keeps the value of the dollar up? printing more money does devalue but population growth counters this somewhat?
Peter ripped this politician's face off! All this government lapdog could do through the entire interview was deflect deflect deflect! hahhahaahahahaaa!!!!
The government has turned us into a nation of parasites and sucker hosts. Government dependency is turning more and more people into dependent, zombie-like creatures who never are fully alive and never enjoy their full potentials.
the american people have been had...wat happens when all the young people leave and the government cant tax anyone to support the baby boomers, uhhhhhhhhhhhh lol. charlie wasnt expecting investigative journalism
the american people have been had...wat happens when all the young people leave and the government cant tax anyone to support the baby boomers, uhhhhhhhhhhhh lol
raise the retirement age to two years beyond the average lifespan just like it was when it was enacted in 1935...so raise it to 80...people oughta love that
i collect a social security check every month. I have no other income but this disability. CUT IT CUT IT CUT IT!!!!! MY COUNTRY BEFORE ME. I tried to get a job even after i was approved for disability ,wich was right away. no lenghty trials, no trials at all. i don't care if i have to go pick berries, cut cut cut everything.
I'm so glad you lost the election Peter, because I want the 1000 military bases, and enormous military budget cut before we even consider cutting social security.
This guy, Blahous, he is a smart fellow, he understands that there is a problem, he just is SO STUCK in the SYSTEM that he does not follow through to the logical conclusion.
It is a form of magic thinking, where even if you DO understand the problem, you sweep the biggest chunk of it under the rug in your mind and then you envision some conclusion, which is more favorable, than the one you understand is coming, and then you pretend that it is possible SOMEHOW to get from here to there.
@romanmir01 So Blahous is lying to himself when he comes up with this 'bridge', he is pulling it by the ears, even though I think he understands that basic accounting and economics of money supply and inflation and borrowing the money is going to put an abrupt stop to this gravy train, where Chinese are just continuously giving USA the money for all the insane government programs they want.
He is stuck in magic land, though he is not a dumb guy, it is actually VERY VERY SAD.
It was great that Peter gave Brahous some time to think about the Ponzi scheme question during the break. I listened to it live and the break gave his guest around 5 minutes to think about the question before he answered. So, he was NOT caught off guard. This excerpt is posted on Peter's site less than an hour after it runs live. All commercials are cut out to clean it up.
The whole 'economy' with its interest baring fiat currency issued as debt against the taxpayer is a PONZI SCHEME!!!
You need to UNDERSTAND that the whole public system is a COLORABLE FRAUD and you're a SLAVE to its fear and coercion, unless you can state a CLAIM in HONOR and TRUTH and have the courage to stand on it.
Forget FICA... Our whole economy is an insolvent Ponzi scheme. Over $100 Trillion in unfunded liabilities. What's the derivatives market at these days: $1000 Trillion (one quadrillion)?
And now the Fed is the largest holder of US Treasuries! Endless fiat currency printing! Limited production capacity! Endless debt monetization! Hyperinflation, here we come.
Better offload your dollars while they still have a little purchasing power. Tough times are coming.
Kwak. Im not sure if you are just kidding or just ignorant. These ppl paid real money into SS with every single check they ever made, with the government telling them that it will be paid back to them later in life in order to sustain them when they become to old to work. In fact it is Written on paper. This money IS OWED TO THEM.
The fact that the younger generations are paying for it is not their fault, its the govt's.
It sound cold hearted but what about cutting benefits to those who have never payed into the system? Have an abortion or euthanize the "special". If you want your "special" kid you pay for it! Nothing but life long dependants...
There is so much fraud out there aswell. I know parents that put their children on ADD medication just so they can receive SS and other benefits. Drug addicts on SS?
Social Security is meant for retirement but like all government programs it becomes a way to pander.
I disagree when at the end you said "call it what it is, welfare." If these retirees paid into SS their entire working lives, i would hardly call that welfare, and im sure theyll end up getting back less then what they paid. They ARE entitled to that money. Its the government thats ripping the younger generations off, because they spent it. It wasnt theirs to spend. So now they gotta steal it from somrwhere!
@GoBack2sleepSheep, I respectfully disagree. SS is fraud, theft by government gun, who called it "for your retirement annuity". When one category of people gets money stolen by the government from a different category of people, it's theft by proxy. When a mugger robs money from you and says, "This money will be paid back to you when you are old", it doesn't mean that his statement is true, or that you "deserve" to get the money back later, just because "he said so". SS has always been robbery.
Peter.... We love you but PLEASE please please try not to cut people off... When you ask a guest a question, let them answer!! I know that you KNOW from experience how rude it is and how shitty it is to be the guy on the receiving end of it. So please, keep control, be respectful of your guests and let them speak.
Schiff, that's screwed up sh!t. My parents have paid a sh!t load of money into social security and are now just retiring. So you're saying screw them, tough sh!t. What a raw deal.
@ibislee Re your parents............Goldman Saks filled those pension funds and trust funds full of Derivitives....and unloaded the bets made by JPM and Goldman by bailing out AIG and paying out the fraudulent criminal bets to fund the lifestyles,jets,3rd ,4th & 5th homes hookers and superyachts of Jamie Diamond (& his $60,000 toilet on "legs",I kid you not!)and his bankster buddies ,Senators & congressmen accomplaces , who have stocks in Wall Street stock portfolios....got to love it...
@ibislee You totally missed what Peter was saying, and you just proved why we'll never have reform. People like you distort what the potential reformers say so the debate turns to an emotional debate rather then a logical debate.
@ibislee Peter is much better at explaining things then I am. If you can't understand Peter's explanation, then there's no way I could explain it to you in 400 characters.
I suggest you listen to this video again. Peter does a good job explaining his (and my) point of view, you just have to calm down, take the emotion out, and fully listen to what he's saying.
@TheTiffanator1 Schiff basically says if you don't need the retirement money because you have enough saved then it should be cut off entirely and only those who are in a "welfare" situation should receive benefits. It's a situation where the younger generation will get screwed paying more in taxes but get less in benefits because the system is structured incorrectly to begin with OR ......
@TheTiffanator1. ... OR with Peters' solution is to screw the older generation (especially baby boomers who will just start to get benefits) who already paid their whole life into soc sec and cut off any benefits. One or the other will get screwed, but who is the dilemma. Was that so difficult to sum up?
@ibislee That 30 second's is only a portion of what Mr. Schiff has said on the Social Security issue. I know his stance quite well, and that 30 second's he spend's on it is a rather narrow quip into how he stated it could be done. Look up the rest of his argument on the issue if you wish to convince anyone. You'll find that you're wrong on it.
@ibislee it is a ponsi scheme.. at some point losses have to be taken.. how could you say that we should blame it on our kids and their kids in the future.. thats crazy!
thats like robbing a bank and later you get caught but dont want to give back the money you stole !
@BadWithNames123 & for those who contributed their whole life and are just starting to get retirement they should just get screwed over?!?!?! Is this so difficult for all of you responding to my comment? I'm basically saying that either way someone is going to get screwed over and this us all due to the irresponsible government system that has spent far more than it was taking in. We should cut defense on useless wars and occupying other countries before we even think of cutting earned benefits
@ibislee no the old people would still get their money.. but not more than they paied in or what the interest gains on that money is, but obviously there arent any gains because there is no fund.. because the money goes directly from taxes to the beneficiant.
the average life expectancy is also going up.. thats why the payments cant be that high, because the money is simply taken from future generations and there are also less people who even have a job and pay taxes.
The most important financial probem facing our nation. This wil affectall of us. This really needs to be delt with. This is great information that really helps us to understand this better. We really need to become edcuated about this and hold our elected officials accountable for what they do.
Great information. This really helps to understand this better. This is has to be the most important financial probelm facing the nation today. We really need to become more informed about this issue and hold our elected officials accountable for what they do about this.
Peter, Who cares if the SS recipients *need* their benefits? Does anyone care if Bernie Madoff's suckers needs the money they lost? Everyone with any objectivity knew is was a scam to rob the young when they got in and they should have shut it down when they first started to participate. I did- thanks to your Dad. He belongs on Mt Rushmore.
@labartic It's also true that Schiff didn't know who his guest was going to be that day (he said so earlier in the show), but it doesn't matter that he didn't prepare for the interview b/c he's so sharp and has all this info in his head on the top of his tongue. Anyway, I'm glad this was uploaded - I was going to do it myself but was saved the trouble
In another video, Gerald Celente said that Americans will never riot, no matter how bad the situation in America. Mr. Celente also said that government institutions will crush any attempt at revolt here in the US.
Up till now, I've agreed with Mr. Celente. But, remember...for the most part, the people who ended up in this country came here by choice, because they were fed up with what was happening where they w
Social Security, now the largest government program, was also the biggest single tragedy of the New Deal. It plunders income and savings, wastes them in government spending, and then taxes people again to pay for the "insurance" benefits. No libertarian could pronounce this bankrupt and disastrous RACKET to be sacrosanct.
~Murray Rothbard 1994
weavermama 2 months ago
It takes 2 to tango, great interview by both gents. Peter's guest realy seemed honest and taking his job serious. As is Schiff. Nice!
MeCallCrazy 3 months ago
Blahous answers everything before it's even asked between 3:44 and 4:44. It's all there.
romanmir01 7 months ago
@SamDeRe81 yea theyre being and have been fleeced lika mother fucker suks to b a slave. but yea they voted their own destiny and i wont laugh at their sorry asses but they arent getting my canned food
crock2020 9 months ago
Thanks for your great videos, keep up the good work and let us enjoy..
let me know what you think of my channel?
anxietyawaynow 1 year ago
Peter's right, as usual, but he doesn't have to be such a dick to his guests. Especially since it's more informative and engaging to have a dissenting opinion on the show.
ekmekhanes 1 year ago
I must say, I am quite pleased with C. Blahous' answers - he seems quite reasonable. It would be nice, though, if you, P. Schiff, would take a calmer approach to discussing with opponents. I just felt bad for C. Blahous the whole discussion, as Peter took quite an aggressive approach towards C. B.
puuuuuuch 1 year ago
peter peter... u have to let ur guests make their point..
mishalkmh 1 year ago 2
This has been flagged as spam show
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Someone has put up channel on youtube called the "SchittReport" - where he talks about various things that contradict Peter. It's got over 100 videos and is worth checking out.
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Someideasandstuff 1 year ago
Social Security is a Ponzi Scheme? Does a bear s**t in the woods? Its very construction is the definition of a Ponzi Scheme. Worst kept secret since 9-11. And Oblah blah's citizenship. . . And Hilary Clinton's admission that there's too much money in illegal drug running that legalizing is unlikely. Duh.
tinfoilcap 1 year ago
Fantastic show peter!!! Keep it up!
progressxoverdue 1 year ago
Finally someone putting a spotlight on the Trust Fund fiction that has been perpetrated on the American people. I want to hear more, how about the fact that there is no macroeconomic difference between selling a bond to an American and charging a tax to the same American, except the government doesn't pay interest on a tax. There are three ways to fund government - tax, bond, monetize. Same macroeconomic effect, but a tax is the cheaper and not monitarily destabilizing option.
wjohnson100 1 year ago
amazing video! I love this guy! And who the fuck votes down his videos? Srsly r ppl so blindly socialist that they ignore the fact that someone from the government admitted that social security is a Ponzi scheme and doesn't have any more money?
a4finger 1 year ago
Charles Blahous just got schooled. He was speechless for everything Peter had to say.
drpepperlover00 1 year ago
There was never suppose to be a trust fund. This guy is a should be fired from the government he is an idiot. Obama is a complete jerk, he did a $1000 cut in payroll tax. Schiff is a fool it is insurance, hopefully you can live as long as possible.
pirucreek 1 year ago
@pirucreek "There was never suppose to be a trust fund"
Read the 1935 Social Security Act, idiot.
Originally, any surplus revenue, by law, had to be invested into securities, and expressly forbidden from any surplus money being part of the general revenue of the government. That changed in 1965.
In 2008, the total accumulated surplus was at 2.4 trillion dollars, and all that money is "invested" in Treasury Bills. I.E. The government spent it and wrote an IOU to itself for it.
fuzzywzhe 1 year ago
@fuzzywzhe The gov't argued in front of courts (lower and Supreme) that SS taxes (payroll) and SS payouts didn't have anything to do with each other. It would have been illegal to force one specific person to pay to a fund that goes to another specific person, which is what would be happening in case of payroll tax, so in fact there was never a fund.
Ida Fuller got 23K USD over years after paying only about $24 for 2 years. So did gov't turn $24 into $23K over 2 years? It was ponzi from start
romanmir01 1 year ago
@romanmir01 First of all, what court case would this be? Name it.
Yeah, it's a Ponzi Scheme, but it was SUPPOSED to be a Trust. What the government did, was steal all the excess money from it.
Legality? The government determines what is legal and not. The government had to pass a constitutional amendment to ban alcohol during prohibition - did they bother to do the same to ban marijuana?
The constitution is just a piece of paper. and the government violates it ALL THE TIME.
fuzzywzhe 1 year ago
@fuzzywzhe
ooh, here is one: NO. 910.--OCTOBER Term 1936 (Helvering v. Davis)
Section 802 (a). He is indemnified against claims and demands of any person by reason of such payment. Ibid. The proceeds of both taxes are to be paid into the Treasury like internal-revenue taxes generally, and are not earmarked in any way. Section 807 (a). There are penalties for nonpayment. Section 807 (c).
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Not earmarked in any way.
romanmir01 1 year ago
@fuzzywzhe It was a ponzi scheme from get go, it was never a trust from the start.
How could it eve be a trust if a person who only paid 24 dollars into it over 2 years got $22,888 from it over the remainder of her life starting from the age of retirement?
That's not a trust, that's a ponzi scheme from the very first person who started getting monthly payments.
---
The States in USA ratify the Constitution and that's the only reason why federal gov't is even there. So if Constitution is (ctd
romanmir01 1 year ago
@fuzzywzhe So if the Constitution is abandoned like this, there is nothing wrong (and in fact it's right) that the separate states then nullify the agreement, which is broken by the federal legislature and court systems.
romanmir01 1 year ago
@romanmir01 It's really irrelevant, because the nation will be bankrupt within a decade, 2 decades at MOST.
The National Debt will be 33 trillion by then, assuming that we SLOW DOWN spending to our historical long term rate of adding 9.4% to the national debt per year, which we've done on average since 1971.
When tax revenue = yearly deficit, there will be no way to pay back the debt. The real Ponzi scheme isn't Social Security, it's US debt. Treasury Bills are the Ponzi scheme.
fuzzywzhe 1 year ago
@fuzzywzhe SS is a ponzi scheme. Treasury Bills are ponzi scheme. Debt is ponzi scheme.
Federal reserve notes are ponzi scheme.
The entire government is ponzi scheme.
romanmir01 1 year ago
@romanmir01 Yeah, whatever. I'm kind of tired of discussing this. We're already on a path of no return - that's all that matters.
Oh, I tried to calculate when tax revenue = yearly deficit, but it's basically impossible to predict because tax revenue is highly erratic from year to year and so is the national deficit - which is probably why the media concentrates on the deficit so much - in some years, it goes to nearly 0, but never lasts long.
fuzzywzhe 1 year ago
Support Peter, Happy SCALPING Trading to all traders!
freeSCALPINGindicato 1 year ago 2
Funded pension plans and retirement plans are laced with fraud.
pirucreek 1 year ago
Social Security might have worked when life spans were far shorter, but today it is unsustainable. We can't have a system where people sit around at home for 20 years and collect paychecks from the government. There is simply too much money going to support those that don't work via social security, disability and welfare.
lostprophet912 1 year ago
anyone! please answer this! no one is discussing population growth and the value of the dollar! does it not make sense that if the population grows then less dollars in circulation keeps the value of the dollar up? printing more money does devalue but population growth counters this somewhat?
ncbookz 1 year ago
interesting counter at larouchepac. c o m /node/17482?nid=17482&lid=0-1-0-1-0
bodyheals 1 year ago
part of what made this country different was that we set up a way to escape imperialistic bloodsuckers
bodyheals 1 year ago
This has been flagged as spam show
larouchepac. c o m /node/17487
bodyheals 1 year ago
This has been flagged as spam show
larouchepac. c o m /node/17487
bodyheals 1 year ago
Peter Schiff is an Idiot. Keeps interrupting the other guy who is so calm and giving sensible explanations and Peter keeps cutting him off !!! Peter needs to learn basics of hosting a talk show. !!
smithlee07 1 year ago
Peter, if you ever get fantastic interviews like this again on your radio show, please post them here!
electricknight4 1 year ago
Peter Schiff is right about most of the things he says.I believe silver will hit $100 by the end of 2012.
bucketfitness.c o m
bendetwile2 1 year ago
What did QE1 pay for.... and what did QE2 pay for? (individually) From what I understand if this printing continues QE3 will pay for mortgages and QE4 will pay for municipalites. I saved as much food as I can and if anyone wants to know what i saved let me know. I'll make a video on it. GOD HELP US!
ceylous3121 1 year ago
Peter,this guy was a friend, treat him with respect. you are right, but give the guy a break. I have been paying all my life, and I know that money is not there and will never be there for me.retirees should have no debt, if they do they should downsize, and most of them make more than most workers that are trying to support a family . the system is broke, the babyboomers , who got it all for free and cheap are still laughing , and want more free stuff.
nevesne 1 year ago
This guy had no idea what was coming. "Um, Im with you ... part of the way." As he trys to justify his lips being puckered to the elite ass of society for so long and caught in paper in the form of his books. Wow. Obliterated.
aaronbassplyr 1 year ago 2
Charles Blahous was certainly a very good sport to come on with Peter, but he seriously got his azz handed to him. Thanks Peter!
cresidue 1 year ago 26
This has been flagged as spam show
HOW ABOUT TAKING MONEY FROM THE CORPORATIONS FOR SS?
Ron Paul's plan will balance the budget in 3 years without raising taxes!
Social programs remain untouched as the BIG problems are resolved.
Government employees will be phased out as they quit/retire or moved to other jobs. Learn more at /watch?v=IQAHziV3HoM
vechorik 4 months ago
Happy Trades to traders, and support Peter
freeSCALPINGindicato 1 year ago
why give from young to old you ask. because without the old there would be no young!!
MADRAVN420 1 year ago 2
@MADRAVN420 The old made the young their slaves through this insane government structure, that the old put in place.
The young see through this, they will leave and make a better life elsewhere.
romanmir01 1 year ago
Peter is right we do not owe what was stolen. I am 40 and have paid into it all my life. I and many more are done being screwed without permission. Most of us are looking for other countries to escape too. We chose Belize, they aren't so dumb there as to have unsustainable public welfare. Food grows everywhere and the weather is perfect. It's time to leave people. Let these thieves care for themselves. Sub to Biospharms
biospharms 1 year ago
The old want what was promised; the young want freedom from those promises. Someone must get screwed... oops, we will all get screwed. This has never been anything but another tax in benefit's clothing. The government will use any excuse it needs to keep taxing us higher and higher, while it continues to siphon off the proceeds.
SpinWaltz 1 year ago
The reality is, the government will wait until SS benefits bankrupts the country before trying to fix this, because the mere mention of cutting benefits, even incrementally, will enrage the baby boomer voters about to collect, and those currently collecting; Keeping their job is politician priority.
They grew up in a time with a gold standard, without outsourcing, when a family could exist on a single income. SS payouts are salt in the wound. Inflation has already destroyed our future.
rufusangus1 1 year ago
I'm in my mid-40's and am not expecting to get a single dime of Social Security... as the fund will be bankrupt when I get to retirement age.... however that is defined when I get to that age. The sad thing not mentioned in this report is how Social Security is already contributing to the deficit instead of helping to keep it from totally going over the top... as was the case for the previous two decades.
GlanderBrondurg 1 year ago
@GlanderBrondurg SS is bankrupt. There is no money in the Trust Fund, everything that comes into it is spent immediately.
populartechnology 1 year ago
We can't just end S.S. cold turkey guys. It is going to have to be phased out over many decades. We have too many people that are now dependent on the taxpayer because of the fraud of S.S. People used to save for retirement in a money that wasn't being constantly debased by the govt. Families, churches, private charities, and local communities also helped. We need to get back to that over the coming decades.
joepeeler34 1 year ago
...ooohhh shiiit!! .. that was brutal.. schiff bitch slapped that clown and sent him away like a child to sit in the corner wearing a pointy dunce hat. The only useful thing that idiots book will be good for is toilet paper. LOL
JG1635 1 year ago
Demonstrates the absolute absurdity of central economic planning by government.
ostralopithicus 1 year ago
Spread this around... esp to your liberal friends :D
Voy2378 1 year ago
The book "Greenspan's Fraud" details how the 1983 act was a theft, a fraud on the people. It truly was and still is. All that money is gone, gone.
But it didn't stop there. The Fed (and its co-mafiosos Washington, Wall Street and the Complex) spent far more, necessitating the printing press. Now the only way out, the very only way, is inflation- rob the retirees and savers.
But it doesn't stop THERE either. Phony CPI reporting is used to further mask the fraud.
That is the story of economics.
decapitatespammers 1 year ago
peter schiff, the great interupter
laosuwan 1 year ago
I have a neat idea. You keep your hands off my fucking money. The end.
brad238899 1 year ago
Peter. Let them talk. It's the same every show. I'm one of your biggest supporters but you have to exhibit some semblance of manners or you're going to lose guests and viewers too.
DaxTheGSD 1 year ago 24
@DaxTheGSD I agree. As much as I'm very much on track with Peter's viewpoints and think he's very intelligent and articulate in his debates, he does have a tendency to drown out his guests and not let them have their say. Even if it's a line of bullshit rhetoric, let them make their points and nail them on it afterward.
Cirris 1 year ago
@DaxTheGSD Like you get anything different on FOX or any other broadcasts
fsujci 1 year ago
@DaxTheGSD
That's Peter's charm!
Jester6193 9 months ago
@DaxTheGSD Peter is a debater. He doesn't have a professional training in radio host etiquettte. Peter brings an interesting aspect to talk radio though since he isn't just a drone which lets other's propoganda go unchecked without common sense, morals, and economics being brought into the discussion. Lord knows people need to learn philosophy and economics.
residentzombie 8 months ago
@DaxTheGSD Couldnt agree more!
GlobalMafiaWatch 7 months ago
@DaxTheGSD No a host needs to interrupt at the right time, otherwise a guest keeps adding new things to discuss and it becomes a mess.
TWSceptic 2 months ago
Well said, Mr. Schiff!
violetfae0 1 year ago
Awesome as usual!
numba1stunna4269 1 year ago
It's absolutley a PONZI SCHEME. People should at least be able to opt out of it. Same with Medicare. There's no good reason to force people to participate in what is admitedly a PONZI SCHEME. All the BS you hear about Clinton and the "Surplus" is a total hoax. Total fallacy! IOU's don't count. But Govt loves to cook the books and say they do count. Great job Peter. Like I said before - You took em to school as always!
vinnykster 1 year ago
This is tough to watch, Charles is agreeing with Peter and making intellegent points and Peter is just trying to go AH HAH, GOTCHA. the whole time. this is silly.
Equity213 1 year ago
@Equity213 Absolutely agree. And everybody is going "haha Peter owned that clown blah blah".
mr82769 1 year ago
@mr82769: thats because peter DID own that clown. That guy was spewing nonsense about a system thats obviously in decay and will not survive going into the new century, while peter is pointing out the reality of this, Its as simple as that. He's doing a radio show here & is under time constraints, theres only a certain amount of time to let his guest talk to make their points, while also allowing enough time for him to also make his own points, he cant just sit back and let his guest babble on.
JG1635 1 year ago
@JG1635 He basically agreed with Peter. Wtf are you on about?
mr82769 1 year ago
@mr82769 :....ummm.. no.. actually he did not.. he basically got OWNED.
JG1635 1 year ago
Peter took that yuppie to school! Would nice if it woke the kid up but perhaps that's wishful thinknig lol. Great job Peter!
vinnykster 1 year ago
Didn't they challenge the consitutionality of social security and it was ruled constitutional as it was an income tax and welfare and not an entitlement program?
olebjornstad 1 year ago
actually, just listened to the end. he did kind of fall apart at the end.
rockstar728 1 year ago
dude, this guy was intelligent and was actually agreeing with Peter. he's saying we need to reduce Social Security, and that it's unfeasible in its current form. wish Peter would have let him talk more.
rockstar728 1 year ago
@rockstar728 I know what you mean but for the sake of all the brainwashed sheep out there he NEEDED to interrupt that guy and set the record straight so people know instead of hearing the same old bs like from politicians.
vinnykster 1 year ago
This is typical of our crooked leaders. They take our money for 50 years, spend it where they weren't supposed to and then tell us we have to cut you. Not to mention this money should have been placed in interest bearing accounts. Go crook's.
chiefcannolie 1 year ago
peter let em talk.lol.
harpermd 1 year ago
@harpermd
Yeah, I really like and admire Peter, but he is a bad Radio show host... Let them talk.
olebjornstad 1 year ago
Comment removed
vinnykster 1 year ago
That interview was hilarious
TheJaimeFoster 1 year ago
this is making the Schiff Premium service look very attractive
EZlearningVBdotNet 1 year ago
I called in to schiff radio about 3 months ago and gave Peter my solution( or temporary fix) We need to lift the immigration quotas and give out more 10 year visas.. The immigrants will be happy because they can find work and it will keep the pnzi scheme going, Also i find it disturbing that any one would consider cuting benefits before the cut governt works pay/pensions. It is absurd that the seniors didnt recieve cola increases however the govt workings will get about 2 billion in raises
krillin876 1 year ago
@krillin876 Maybe we could do that for farm workers and a few general labor fields, but this is also how H1-B visas started. Yet now most of microsoft's, IBM's and many other companies employees are indians on H1-B while our own engineers and IT guys are out of work filling up unemployment lines which also have to pay for. I just don't see it working.
pryorka82 1 year ago
Awesome interview! Happy SCALPING TRADES to all Forex Traders! ★★★★★ stars
freeSCALPINGindicato 1 year ago
To paraphrase the Horny Hick, "We must Kill Social Security NOW!" (along with Medicare, Medicaid, and all subsidies to Individuals, Corporations, and Countries).
webfulcrum 1 year ago
@webfulcrum We can't kill these programs right now. They will have to be phased out over the next 20-30 years. There are just too many people now dependent on these programs for them to be abruptly ended.
joepeeler34 1 year ago
@joepeeler34 "phasing them out over the next 20-30 years" is synonymous with "don't touch my Social Security."
I'll allow that in some alternate reality those over 50 might feel like they've got some sort of "implied contract" with Washington D.C. to provide for them in their dotage. They are the "me" generation after all.
However, at 43, I'm eager to write off all contributions as a loss, and save my children the serfdom and servitude of footing the bill. "outta my pocket" says I with a gun.
webfulcrum 1 year ago 2
Blahous [bluho'sh] - means tinsmith in Czech language
grraadd 1 year ago
1 third of our money made will go to SS and Healthcare? I assume another third goes to other taxes and indirect taxation. One third in our pockets... A form of slavery.
One of the reasons why in public schools talk so much about early US slavery is to make you think how fortunate of a slave you are. Those blacks where not getting one third of what they made.
asperin 1 year ago
@asperin even a medieval peasant only paid 25% taxes..
people also seem to forget that the united states was founded because of all the taxes and regulation from england (i bet many people dont even know that america was only a colony for england.. stupid americans ^^)
BadWithNames123 1 year ago
What i glean from this is that T he government has spent the money and if required to pay it back they would go broke.
Also those young people he mentions also get the benefits not only the debts of the work of the retirees.
If America has the intention to look after the old and the weak they can surely find the methodology and the means to do so. the question is priorities.
raskefing 1 year ago
Thank you for putting this on youtube! Please continue doing this!
Kaasperav 1 year ago
Wow this guy didn't have shit to say that we all didn't know. SS is a bullshit ponzi scheme that will tank. Wait until the collapse, sell part of your gold when the bankers introduce gold backed bonds, that's the long term plan.
lintburger 1 year ago
go to 10:05 to skip to the ponzi scheme part.
young people need to understand this, because we are getting screwed and nobody my age (24) seems to care.
BadWithNames123 1 year ago 3
@SamDeRe81 well.. but the youth doesnt vote so the baby boomers vote someone into office who raises taxes on the young people ; )
america is so fucked.. i m glad i live in europe which is not as bad but still not great : /
BadWithNames123 1 year ago
i was really speachless when he said that social benefits could be continued but at the cost of ripping of the youth... he basically agreed with peter that it is the same as a ponzi scheme!
i knew there would be coming a lot of crap when i heard him starting with "the art of difining a cut"
but i think the saddest think is that the youth nowadays does not care. i am 24 and most people just think your crazy..
just look at the stats
1. male 45-54
2. male 35-45
3. male 55-64
it is just sad..
BadWithNames123 1 year ago
I'm 28 and I would love to see social security gone tomorrow along with the FED and Ben Bern-ack
tizacat 1 year ago 27
@tizacat You know that there is a form that you can fill out that will force the government to delete you from the Social Security system, right? Your number will be deleted and you will no longer have one.
The problem is that most every financial entity uses that number, although we were all promised by our "honest" government that the number would never be used for any sort of identification. Another lie. Then try to get a job without a Social Security number.
However, it can be deleted.
tomperanteau 1 year ago
@tomperanteau True .. that has to be changed as well. They knew what they were doing when they made SS be used for ID. Great way for the GOV to hijack us. If this country is ever gonna be prosperous we MUST face the truth about Social Security that Peter Schiff explained so perfectly here!
vinnykster 1 year ago
@tomperanteau Yes- I'm fully aware of this- and I agree that this number's use as an identifier is far from its original purpose as a track of accounts in the social security 'trust fund.' Of course- I would suggest that we keep it for the function of a 'tax ID number,' but that would be against my believe that we only should have one form of tax- a sales tax. Period.
tizacat 1 year ago
@tizacat
And I'm 30, and think the same.
CBound 1 year ago
@tizacat anyone! please answer this! no one is discussing population growth and the value of the dollar! does it not make sense that if the population grows then less dollars in circulation keeps the value of the dollar up? printing more money does devalue but population growth counters this somewhat?
ncbookz 1 year ago
Very fun interview - thanks Peter!
continuityofliberty 1 year ago
Happy Trading to everyone! * * * * * stars
freeSCALPINGindicato 1 year ago
Peter handed him his ass... Still lies that there is a SSI trust fund after he says the trust fund is lie... oh my
rnade 1 year ago
Charles Brahous = EPIC FAIL = IDIOT government worker
dweber66 1 year ago
Peter ripped this politician's face off! All this government lapdog could do through the entire interview was deflect deflect deflect! hahhahaahahahaaa!!!!
bondthewall 1 year ago
HA!! sorry charlie,..you just got a load of Schiff dumped on you!!....at least you have your books to burn to keep you warm..loser!
pfcwar5150 1 year ago 18
The government has turned us into a nation of parasites and sucker hosts. Government dependency is turning more and more people into dependent, zombie-like creatures who never are fully alive and never enjoy their full potentials.
carcabe 1 year ago 2
the american people have been had...wat happens when all the young people leave and the government cant tax anyone to support the baby boomers, uhhhhhhhhhhhh lol. charlie wasnt expecting investigative journalism
crock2020 1 year ago
the american people have been had...wat happens when all the young people leave and the government cant tax anyone to support the baby boomers, uhhhhhhhhhhhh lol
crock2020 1 year ago
raise the retirement age to two years beyond the average lifespan just like it was when it was enacted in 1935...so raise it to 80...people oughta love that
holidayhouse03 1 year ago
the american people have been had.. lololoolol
crock2020 1 year ago
lol, "young people are going to get screwed either way......" LMAO.
Well there you have it young people. If you need yet another reason to get the fuck out, then I think it was gift wrapped for you here.
So get the fuck out! stupid! Let the cesspool that is America rot in its own filth.
I'll be over here laughing as it all falls apart. Burn baby burn, lol. It's the only way to fix it now.
mcdonaldscalling21 1 year ago
i collect a social security check every month. I have no other income but this disability. CUT IT CUT IT CUT IT!!!!! MY COUNTRY BEFORE ME. I tried to get a job even after i was approved for disability ,wich was right away. no lenghty trials, no trials at all. i don't care if i have to go pick berries, cut cut cut everything.
hwyllie1 1 year ago
I'm so glad you lost the election Peter, because I want the 1000 military bases, and enormous military budget cut before we even consider cutting social security.
asymthought 1 year ago
Peter is bad ass! If only people would just listen...stop being so prideful that you cannot admit you have been lied to.
mari0228504 1 year ago
Poor Charles really gets caught with his pants down.
Peter's too damn sensible for some.
LeedansParis 1 year ago
This guy, Blahous, he is a smart fellow, he understands that there is a problem, he just is SO STUCK in the SYSTEM that he does not follow through to the logical conclusion.
It is a form of magic thinking, where even if you DO understand the problem, you sweep the biggest chunk of it under the rug in your mind and then you envision some conclusion, which is more favorable, than the one you understand is coming, and then you pretend that it is possible SOMEHOW to get from here to there.
romanmir01 1 year ago
@romanmir01 So Blahous is lying to himself when he comes up with this 'bridge', he is pulling it by the ears, even though I think he understands that basic accounting and economics of money supply and inflation and borrowing the money is going to put an abrupt stop to this gravy train, where Chinese are just continuously giving USA the money for all the insane government programs they want.
He is stuck in magic land, though he is not a dumb guy, it is actually VERY VERY SAD.
romanmir01 1 year ago
It was great that Peter gave Brahous some time to think about the Ponzi scheme question during the break. I listened to it live and the break gave his guest around 5 minutes to think about the question before he answered. So, he was NOT caught off guard. This excerpt is posted on Peter's site less than an hour after it runs live. All commercials are cut out to clean it up.
Ayess2008 1 year ago
This guy wrote a book on the subject and Peter knows much more than he does. I bet he was relieved that Peter ran out of time.
JP5466 1 year ago
Go Peter! You totally made this guy stop and think. I think you may have converted him! Keep on cutting through the bullshit Peter!
ruthheasman 1 year ago
good video - the lack of children in europe got nothing whatsoever to do with pensions or anything like that though
ToiToiToiHerrKaleun 1 year ago
I agree this guy had no clue who he was dealing with - I want my ss contributions back - I want the politicians in jail
ssscudgmailcom 1 year ago
The whole 'economy' with its interest baring fiat currency issued as debt against the taxpayer is a PONZI SCHEME!!!
You need to UNDERSTAND that the whole public system is a COLORABLE FRAUD and you're a SLAVE to its fear and coercion, unless you can state a CLAIM in HONOR and TRUTH and have the courage to stand on it.
qui3tude 1 year ago 2
Forget FICA... Our whole economy is an insolvent Ponzi scheme. Over $100 Trillion in unfunded liabilities. What's the derivatives market at these days: $1000 Trillion (one quadrillion)?
And now the Fed is the largest holder of US Treasuries! Endless fiat currency printing! Limited production capacity! Endless debt monetization! Hyperinflation, here we come.
Better offload your dollars while they still have a little purchasing power. Tough times are coming.
zz911wasInsideJobzz 1 year ago
And i am refering only to the retirees who have paid into ss their whole lives, not those that abuse the system.
GoBack2sleepSheep 1 year ago
Kwak. Im not sure if you are just kidding or just ignorant. These ppl paid real money into SS with every single check they ever made, with the government telling them that it will be paid back to them later in life in order to sustain them when they become to old to work. In fact it is Written on paper. This money IS OWED TO THEM.
The fact that the younger generations are paying for it is not their fault, its the govt's.
GoBack2sleepSheep 1 year ago 2
It sound cold hearted but what about cutting benefits to those who have never payed into the system? Have an abortion or euthanize the "special". If you want your "special" kid you pay for it! Nothing but life long dependants...
There is so much fraud out there aswell. I know parents that put their children on ADD medication just so they can receive SS and other benefits. Drug addicts on SS?
Social Security is meant for retirement but like all government programs it becomes a way to pander.
deadman12078 1 year ago
I have to agree social security is like welfare.
kwak76 1 year ago
PS.
I disagree when at the end you said "call it what it is, welfare." If these retirees paid into SS their entire working lives, i would hardly call that welfare, and im sure theyll end up getting back less then what they paid. They ARE entitled to that money. Its the government thats ripping the younger generations off, because they spent it. It wasnt theirs to spend. So now they gotta steal it from somrwhere!
GoBack2sleepSheep 1 year ago
@GoBack2sleepSheep, I respectfully disagree. SS is fraud, theft by government gun, who called it "for your retirement annuity". When one category of people gets money stolen by the government from a different category of people, it's theft by proxy. When a mugger robs money from you and says, "This money will be paid back to you when you are old", it doesn't mean that his statement is true, or that you "deserve" to get the money back later, just because "he said so". SS has always been robbery.
MrDorkusMaximus 1 year ago
@MrDorkusMaximus
I think both of our view points boil down to the same thing. It is the government robbing the people any way you look at it.
GoBack2sleepSheep 1 year ago
Peter.... We love you but PLEASE please please try not to cut people off... When you ask a guest a question, let them answer!! I know that you KNOW from experience how rude it is and how shitty it is to be the guy on the receiving end of it. So please, keep control, be respectful of your guests and let them speak.
Great interview!!
GoBack2sleepSheep 1 year ago 4
Free Market Fascism > Libertarianism.
Working class caused Great Depression not Federal Reserve.
freemarketfascist 1 year ago
haha this guy is not going to be allowed to do anymore interviews after this
gooseCha 1 year ago
dun worry... there's no raising of tax... only raising of debt ceiling and ben will take care of the rest!
sgwarrenb 1 year ago
another clown totally owned by Pete! keep up the good work, I hope you get millions of listeners soon!
Cinemaguy2007 1 year ago
Schiff, that's screwed up sh!t. My parents have paid a sh!t load of money into social security and are now just retiring. So you're saying screw them, tough sh!t. What a raw deal.
ibislee 1 year ago
@ibislee Re your parents............Goldman Saks filled those pension funds and trust funds full of Derivitives....and unloaded the bets made by JPM and Goldman by bailing out AIG and paying out the fraudulent criminal bets to fund the lifestyles,jets,3rd ,4th & 5th homes hookers and superyachts of Jamie Diamond (& his $60,000 toilet on "legs",I kid you not!)and his bankster buddies ,Senators & congressmen accomplaces , who have stocks in Wall Street stock portfolios....got to love it...
Hroark7 1 year ago
@Hroark7 U are a complete moron
proton3227 1 year ago
@ibislee No, they get what they put in, no more.
GaryVolts 1 year ago
@ibislee You totally missed what Peter was saying, and you just proved why we'll never have reform. People like you distort what the potential reformers say so the debate turns to an emotional debate rather then a logical debate.
TheTiffanator1 1 year ago 3
@TheTiffanator1 Please tell me what I understood incorrectly then.
ibislee 1 year ago
@ibislee Peter is much better at explaining things then I am. If you can't understand Peter's explanation, then there's no way I could explain it to you in 400 characters.
I suggest you listen to this video again. Peter does a good job explaining his (and my) point of view, you just have to calm down, take the emotion out, and fully listen to what he's saying.
TheTiffanator1 1 year ago
@TheTiffanator1 Schiff basically says if you don't need the retirement money because you have enough saved then it should be cut off entirely and only those who are in a "welfare" situation should receive benefits. It's a situation where the younger generation will get screwed paying more in taxes but get less in benefits because the system is structured incorrectly to begin with OR ......
ibislee 1 year ago
@TheTiffanator1. ... OR with Peters' solution is to screw the older generation (especially baby boomers who will just start to get benefits) who already paid their whole life into soc sec and cut off any benefits. One or the other will get screwed, but who is the dilemma. Was that so difficult to sum up?
ibislee 1 year ago
@ibislee You need to watch it again. That's not what he was saying.
Joe11Blue 1 year ago
@Joe11Blue Listen to the last 30 seconds again.
ibislee 1 year ago
@ibislee That 30 second's is only a portion of what Mr. Schiff has said on the Social Security issue. I know his stance quite well, and that 30 second's he spend's on it is a rather narrow quip into how he stated it could be done. Look up the rest of his argument on the issue if you wish to convince anyone. You'll find that you're wrong on it.
Joe11Blue 1 year ago
@ibislee it is a ponsi scheme.. at some point losses have to be taken.. how could you say that we should blame it on our kids and their kids in the future.. thats crazy!
thats like robbing a bank and later you get caught but dont want to give back the money you stole !
BadWithNames123 1 year ago
@BadWithNames123 & for those who contributed their whole life and are just starting to get retirement they should just get screwed over?!?!?! Is this so difficult for all of you responding to my comment? I'm basically saying that either way someone is going to get screwed over and this us all due to the irresponsible government system that has spent far more than it was taking in. We should cut defense on useless wars and occupying other countries before we even think of cutting earned benefits
ibislee 1 year ago
@ibislee no the old people would still get their money.. but not more than they paied in or what the interest gains on that money is, but obviously there arent any gains because there is no fund.. because the money goes directly from taxes to the beneficiant.
the average life expectancy is also going up.. thats why the payments cant be that high, because the money is simply taken from future generations and there are also less people who even have a job and pay taxes.
BadWithNames123 1 year ago
@ibislee "paid their whole life into".....FAIL *triple face palm*
TheTiffanator1 1 year ago
Thank You Peter for speaking for the young people that still don't know better.
YouSayYouWantA 1 year ago
The most important financial probem facing our nation. This wil affectall of us. This really needs to be delt with. This is great information that really helps us to understand this better. We really need to become edcuated about this and hold our elected officials accountable for what they do.
daroncrass 1 year ago
Obama Health Care is PONZI SCHEME 2!
ahzie99 1 year ago
THANK YOU PETER!!
galikazoid 1 year ago
Great information. This really helps to understand this better. This is has to be the most important financial probelm facing the nation today. We really need to become more informed about this issue and hold our elected officials accountable for what they do about this.
daroncrass 1 year ago
What if we revolt and pull a "French Revolution" on these SOBs?!?
PatriotsRepublic 1 year ago
@PatriotsRepublic The US military and militarised multiduristictional police force would shoot you down and the rest...welcome to camp fema......
Hroark7 1 year ago
I love this interview
jasongrayloans 1 year ago
Peter, Who cares if the SS recipients *need* their benefits? Does anyone care if Bernie Madoff's suckers needs the money they lost? Everyone with any objectivity knew is was a scam to rob the young when they got in and they should have shut it down when they first started to participate. I did- thanks to your Dad. He belongs on Mt Rushmore.
quintetdward 1 year ago
I think its obvious that this guy had no idea WHO HE WAS FUCKING DEALING WITH
Before getting onto this radio show...
labartic 1 year ago 41
@labartic It's also true that Schiff didn't know who his guest was going to be that day (he said so earlier in the show), but it doesn't matter that he didn't prepare for the interview b/c he's so sharp and has all this info in his head on the top of his tongue. Anyway, I'm glad this was uploaded - I was going to do it myself but was saved the trouble
evmazu 1 year ago
In another video, Gerald Celente said that Americans will never riot, no matter how bad the situation in America. Mr. Celente also said that government institutions will crush any attempt at revolt here in the US.
Up till now, I've agreed with Mr. Celente. But, remember...for the most part, the people who ended up in this country came here by choice, because they were fed up with what was happening where they w