Dan Mitchell on Social Security

[nphanlon1973]

the whole premise of having pensions has been destroyed.roosevelt introduced pension plans because the individual was less responsible than uncle sam and therefore the retiree should be taken care of.now uncle sam has gone ahead and spent it all,who's the irresponsible one?

[swu880]

mark walsh just got whooped

[MsZeitgeist85]

@UBSCARED What about this claim that the goverment bonds have been raided and used to pay down the debt and there is no mony left in them. I have heard this alot.

[poindexterwitkowsky]

~~Stand up 4 your RIGHTS Americans +- The REPUBLICANS have been FOOLING YOU for the last 30 yrs. SOCIAL SECURITY*, (SS) , is NOT entitlement! SS HAS A $2.6 TRILLION SURPLUS. SS CAN pay every claim at least until 2030. SS DOES NOT increase the federal budget by one cent! Tell the REPUBLICAN GANGSTERS & THEIR WALLSTREET BANDIT FRIENDS that you will FIGHT any PRIVATIZATION*OF your SS pension. You will FIGHT ANY REDUCTION IN BENEFITS. YOU will FIGHT any change in AGE REQUIREMENT FOR SS BENEFITS!

[44forest44]

Soc Sec funds are NOT government money. Those funds belong to we American workers who contributed for OUR retirement. See the attached video for documentation. Also, President Reagan left a report stating that the IRS pays zero bills. The URL is " youtube.com/watch?v=SFAAsCRonl­g" . The search title is 3Statements-IRS.m4v . There is no space after the 3. My research and documentation are extensive.

[44forest44]

Soc Sec funds are NOT government money. Those funds belong to we American workers who contributed for OUR retirement. See the attached video for documentation. Also, President Reagan left a report stating that the IRS pays zero bills. The URL is " youtube.com/watch?v=SFAAsCRonl­g" . The search title is 3Statements-IRS.m4v . There is no space after the 3. My research and documentation are extensive.

[brendos444]

lol love how that imbecile Dan Mitchell names Australia in his silly rant. We have a mandatory contribution scheme where 9% of our income goes into a fund, accessible at retirement. This is mandatory. We don't have a choice. Additionally, those who don't earn enough through unemployment etc, a generous safety net is provided. Addtionally, we have universal health care. Dan Mitchell can stick his libertarian views up his you know where!

[brendos444]

"Don't let the government touch my medicare!" lol... the ignorance of Cato is breathtaking!!!!

[healthhavencom]

Mark Walsh = Bone Head Extraordinaire

Dan is the man.

[TaffyAlpha]

"Lets go and protest socialism, but first I need to collect my medicare card and social security check." - a tea partier.

[rusty159753]

There are two people in this world, those who believe there is no social security crisis and those who can do math.

[znirich]

True the system Chile uses works, but if you want to look at a system that isnt tied to the stock market, because that is was all the sparing seems to be over.

Look into The Galveston, Tx Social Security. They and two other counties were lucky enough to oppt out of the federal system and now manage their own systems. that from my findings do better than the national plan. Two government agencies even looked into it one being the social security office and they said it would be a good idea.

[Reqrezentin]

There's no crisis in social security.

[jtm198]

Clinton ruined Social Security by using it make it look like he had a budget surplus.

[leocat99]

Obama:

"we need modest adjustments..."

those are known as death panels.

[AlbaGoBragh]

Dan Mitchell does an exceptional job of keeping his head from exploding every time CNBC or MSNBC pits some moron against him.  I think I would be too tempted to bring an uzi on the set and blow half...no, all... of those morons away that he has to suffer through.

My goodness the glaring stupidity of Walsh. No wonder scAir America fell apart.

[Chainedorlo]

Let's not forget to mention that Social Security is becoming a negative return.

[Wormtail81]

"Modest adjustments?"

[JonathanRichter333]

The people aren't competent to manage an investment account argument seems to highlight the bigger problem; central banking and fiat money. Why should people have to invest their money in an investment account? With how little savings there really is we should be able to throw our money in a cd and get 10% (I have no basis for that amount). The US government can't possibly let rates get that high though so it inflates the money supply through the banking system. In conclusion we are screwed.

[trime1851]

Two big problems with this:

1 - Most people aren't competent to manage an investment account.

2 - Our politicians are dishonest (both Democrats and Republicans).

The Social Security payout should be based on the amounts paid into the fund by individual and employer and the higher of interest of US Treasury bills or the Consumer Price Index. When a person files for benefits those should be determined by actuarial tables and expected life.

If the government chooses to pay more, it is welfare.

[Zontertes]

obviously obama is not a mathematician

[1czelaya]

The rebuttal, by Mark Walsh, is just mind blowing. Mark states that he doesn't want to trust Wall Street. However, government has spent all the money in Social Security.

What doesn't Mark understand?

Mr. Walsh sounds like a political-liberal fool. We have so many years to fix the problem. Obviously, he want's the government to continue this ponzi scheme.

[msgaudreau]

@1czelaya it's so typical, the left blames wall street when they should blame themselves. it's too bad that they aren't supporting what is right for american citizens because they have to protect their livelihood...talk about a conflict of interest.

[1czelaya]

"Social Security is not in crises"... President Obama.

That is the most unbelievable words, so far, to come out of the president's mouth. He doesn't understand what's going on with social security and how government (Democrates and Republicans) have spent all the money in social security.

President Obama is so dead wrong. The Social Security Adm. has sent out letters to citizens admitting to it's overspending.

[Buffalo122333]

The reason for SS is to keep people helpless and dependent on the government.

[OrlandoTeaPartyVideo]

It's a freeking ponzi pyramid scheme. Obamoron. Folks be prepared to work till you become food for worms.

[bajoverga]

How can I save more if you're taxing me?

[chevydriver1123]

Social Security has been having problems for years, people have just been pushing the problem back. I learned from an early age that SS was gonna be bankrupt and I dont even factor it in to my retirement money.

[DaveC86]

the best way to boost savings and for people to have enough money to retire with is to END INFLATION. yes, thats rights, abolish all legal tender laws and move to a free money/banking system the way murray rothbard described in his classic "what has government done to our money?" in Australia we have personal accounts but they're not so great, the GFC wiped out about 30% of most peoples savings, and the GFC ain't even over yet... the only way to a secure future is sound money, Gold and Silver!

[Slipknotyk06]

This guy that says that Social Security has 40 years before it runs into financial problems is FUCKING RETARDED! Social Security has had issues for better than a decade now.

The best way to make Social Security permanently solvent is to move to a nominal pay personal account system that progressively scales back the retirement age in step with life expectancy. I would prefer to see it privatized, and corporatized and allow it to make limited-risk investments.

[grittygreenhorn]

There is that stupid "Car and Ditch" bit again, it means absolutely nothing. Who dug the ditch? Who bought the car? Where was the cell phone made to call to get help to get the car out of the ditch!? PROBABLY CHINA! BRING BACK MANUFACTURING to the USA and we will be great again.

[ARedheadResolved]

Dan Mitchell rocks! I met him at Cato University 2009 and the financial aspect of politics came alive to me as he lectured on financial regulation, federal deficit, fiscal responsibility, etc. I was only 14 at the time, but I got so much out of it and will be forever grateful for how it opened my eyes to the world of economics!

[a4finger]

Obama is a retard, we need to completely end social security

[sparx832]

Dan 1, Mark 0

[TexasJoe1985]

Dan Mitchell has such an awesome demeanor. I really like how he handles these interviews. Calm, informative, and he simply shakes his head rather than the obnoxious sneering that some speakers do when they disagree.

[EvilDandy]

@TexasJoe1985 I absolutely agree. Did you notice when Mark used the old tactic of not responding to the point made, but rather just said if you believe that you are crazy (smoking something/sell you a bridge),

[mrdoonbeg]

whoop that ass Dan

[tmac9938]

great ending, Dan! nice wrap-up.

[imre1000]

"Government" Social security is funded with "Government" bonds, which is like me writing a cheque to myself, to be cashed when I retire.

Anyone banking on social security even existing past 2020 is in for a pretty big disappointment.

[Ragnarokgn]

One of the left's most commonly used talking point,

"There is a lockbox with enough money to last us until 2037-2041... maybe forever"

Except, there is no lockbox... treasuries are not assets if they are your own. Dan had it perfect with the IOU correllary . It is incredibly stupid to borrow money from yourself and treat that as an asset.

[strongbadXCP]

@Ragnarokgn "treasuries are not assets if they are your own."

bingo. 

[drchiodo]

In this video:

Dan Mitchell = intelligent display of facts

Mark Walsh = establishment talk rhetoric

[elricmlbone]

Hey idiot, we are broke and the SS system is not only broke but so deep in debt that its in the outhouse pit. Where the f--k is the money coming from. It's good for another 30-40 years!!! Wake up and smell the coffee you self delusional democrat.

[0cyris]

Why they hell would anyone save money when the FED's got interest rates at almost 0%? That's just retarded and he should feel stupid for having spewed such nonsense.

[voodoojedizin]

We can spend hundreds of billions of dollars killing women and children in foreign countries, or give hundreds of billions of dollars to banks, or give foreign governments billions of dollars in bribe money. But when it comes something like social security they actually have the nerve to even discuss privatizing it or phasing it out because of cost!!! Hello stop the world I wanna get off because you people are fucking crazy and are in serious need of a value adjustment.

[yougiberishtube]

thumbs up

[IRONMANAustralia]

In Australia, private sector employers are forced to contribute to an actual fund, but the government just writes an IOU.

I worked in the Army 10 years and afterward had a government idiot condescendingly explain to me that the dollar value of that IOU would increase at ... wait for it ... CPI. And he was perplexed at my less-than-impressed reaction.

You think I'm counting on ever receiving that money? When they've got "over 35 years to fix this problem" and "make some modest adjustments"?

[IRONMANAustralia]

" ... is not in crisis ... we're going to have to make some modest adjustments ..."

"... we have over 35 years to fix this problem ... so we have a lot of time to fix this problem ..."

Hey Dan, if you pass Pat Michaels in the hall at Cato, tell him these are Democrat quotes. He'll get a real kick out of them.

[XCritonX]

"not as long as I am president", well at least we don't have to wait very long.

[4thstuning]

Both Democrats and Republicans are big government opportunists who have counted on the social security revenue as a slush fund to pander to their paying customers...err constituents... without raising taxes. Now that the social security system is taking in less that it doles out our broke, corrupt government will have to borrow more, print more, and raise taxes somehow. Damn them all.

[reapfreak]

I don't get supporters os SS. It is a FAILURE. Even if we assume social security works, It doesn't change the fact it is INVOLUNTARY theft and VIOLENT redistrobution.

[JessicaBelle81]

Screw ponzi schemes. This is why I work in the black market.

[chuska8383]

This guy from left jab is flat out lying. There is NO return in the Social Security system! There is NO investment! It is immediately spent and rolled into the coffers! It literally is a ponzi scheme. He correctly says Americans ought to save more but still says that a portion of our wages should be forcibly taken from us? What a statist, tyrannical thug. He blames only Wall Street and not the governmetn for this crisis? He is purposely lying! Traitor!

[capitalist4life]

I'm getting tired of how moderate Cato is. I understand they want to be practical, but these little baby steps they advocate. Maybe it's my teenage thirst for radical change, but I wish they would just come out in favor of abolishing all of social security.

[newengland72]

@capitalist4life I agree; I have long considered myself a closet conservative radical, waiting to vote for Ron Paul at every chance

[TheLegalImmigrant05]

@capitalist4life Right on!!!!

[philliproemer21]

@capitalist4life I agree, the SS system should declare legitimate bankruptcy instead of trying to illegitimately repay obligations with inflation. 

[Jasandia]

man you are a teen?? you sound just like a wall street broker. thirst for radical change? that was what che guevara had. you just had of keeping the sames status-quo but on a even more brutal way. man... when is usa going to learn of social security in europe and the rest of the west

[kc9gpj]

I don't understand what is to debate about SS.

I thought it is pretty clear that:

1. Social Security is broke

2. I'm forced to pay into it

3. I'm never going to see that money

[randyguitarman13]

@kc9gpj

Yep.

[newengland72]

@kc9gpj At you don't ever expect to see any of that, believe it or not there are people who still think they are owed it back. It is disappointing that they are unwilling to accept responsibility for this policy that is so obviously a fraud.

[MagnusIan]

You'd have to completely ignore reality to think that Social Security isn't in trouble and indeed a total scam. It's just a goddamn Ponzi scheme. Give me back my money! I spend it much wiser than any gov't bureaucrat could ever dream of!

[capitalist4life]

2:22 It is completely coincidental that I'm smoking something.

[ForTehNguyen]

i mean Christ give me all my SS medicare medicaid money back if you let me opt out. I'm even willing to take it back WITHOUT interest, just let me get the hell out.

[newengland72]

@ForTehNguyen Yeah, right I just wish they get rid of it. I think it may be too late to recoup any lost "investment", and would consider it one just to rid our system of this program.

[principles101]

Get rid of Pelosi and Reid! November 2010! That will be the change we need!

[ForTehNguyen]

you know its funny that Galveston County employees had the option of opting out of SS to choose an actual investment fund. Guess what, its making a ton more money than SS will ever give back. Its too bad Congress passed a law afterwards that shut the door of this opting out. Go look at Chile to see how they reformed their bankrupt SS system into a growing one.

SS isn't in crisis, what an idiot. SS was nothing but a Ponzi scheme from the beginning.