Excellent explanation and interview. Thank you! This is the kind of video that is so under-rated and under-watched on RU-vid. And this is actually very entertaining, only in a different way than silly things like Mr Beast. LOL.
US empire is collapsing right in front of our eyes...budget deficit and debt must be the top issue to be discussed and addressed by presidential candidates; yet, all we see is the exact opposite, i.e., they talk about proposals that increases the debt and deficit
Stop sending money to Ukraine and Israel, there's a few billions for social security that police and firefighters paid into either before or after public service.
"Presiden Trump assumes..." is always the beginning of a bad idea. A tariff only works (theoretically) if there's a robust sector in American manufacturing that needs protecting against foreign pricing of the same commodity or product, inducing American consumers to buy domestically because of the added cost of foreign goods due to the tariff. But that's not the case any more. Much of US manufacturing has moved off-shore to the countries that Trump is targeting, leaving little in the way of domestic competition. If Trumps enacts broad tariffs on those goods, American's will continue to buy them, because there's no domestic competition, just at inflated prices due to the tariff. Who is being "protected" in this case?
Recessions are needed to purge the economy of unsuccessful and losing businesses. The reason why we are in such an economic mess is because governments have ignored this important part of capitalism and kept bad businesses alive with debt and printed money.
Intentional deception around the nature of the medical experimentation has proven detrimental to the credibility of credentialed healthcare. How is anyone to believe you when you are still lying?
The whole premise of this video is factually false: the US creates its own currency, so cannot ever run out of money. Sure it would be a problem if Donor didnt have their dirty hands in it, but their greed corrupts everything they touch anyway. So economically, the issue is if that money is spent on things the decrease Cost of Living Inflation (e.g. making basic housing, basic food, energy, healthcare) more abundant and therefore cheaper (whole range of solutions available) OR more expensive (which is more profitable to Donor Class). Not that it isnt possible, I challenge ANYONE to give ANY EXAMPLE IN HISTORY where creating new money had been inflationary without FIRST there being a supply shortage of those goods that got inflated. And obviously I am including the famous hyper-inflation events.we all know about.
I've learned so much from watching this video. How feasible is it for President Biden to uphold his tax pledge regarding households earning less than $400,000 annually? As someone who operates a dream interpretation channel, I'm always seeking ways to enhance the storytelling aspect of my videos to captivate viewers. I'm truly grateful for the insightful discussion presented in this video and have liked and subscribed to your channel for more thought-provoking content.
You are in correct. Your so called double dipping is bull. Are you say other people don't get a retirement and social security. How is that different. If you paid into social security you should be able to receive social security when retiring
The other folks pay FICA for all of their earnings. You paid FICA on part and used your gmvt pension in lieu of SS. Remember you got to pocket the 6% that would have gone to SS, had you done both. This is a cheap state problem, not an SS problem.
I worked 40+ hours a week in a job that pays a pension. In addition to that job, I also worked 38+ hours a week at a 2nd job which I paid into social security. YES, 78+ hours was the minimum number of hours I worked every week for decades. Explain how it is fair that I should be penalized on my social security retirement income because I also paid into a pension. If someone works 78 hours/week in the private sector and pays into an IRA for secondary retirement income, they don't get penalized on their IRA because they also happen to have earned social security. They get their full social security benefits AND their full IRA benefits, minus taxes. They don't get punished with some government offset because they paid into two retirement plans. Same should happen to those that paid a lifetime into both social security and a pension. If they paid the full amount they were required to pay from each of their paychecks, then they should be entitled to the full amount when it's time to collect. Or give them an exemption from paying into social security at their private sector job and they can apply that money to an IRA of their choosing.
When you compare story to the fellow that worked as you did but he used a 401K/IRA and you used a gmvt pension, realize that he also paid FICA the entire time. Your gmvt pension is in lieu of SS not in addition to it, as his was. The real issue is that your state was too cheap to pay FICA; it is not an SS problem.
@@charleslemaire8137 I get that. But I also paid FICA for a job I worked 38+ hrs/wk, week after week, month after month, year after year, for decades. And 38 hours was the minimum I worked at that 2nd job. Most weeks I worked closer to 50+ hrs/wk at that 2nd job in addition to my 40 hr/wk primary job, paying into FICA, SS and Medicare the entire time, just like any other person who pays into FICA, SS, and Medicare. In other words, I would work my 8 hours at the primary job (pension), get into my car, drive 15 minutes to my 2nd job (FICA), and work 8 more hours. Then drive home, get about 5 hours sleep, then roll out of bed and go do it all over again. Then work that 2nd job (FICA) on both of my off days as well. You apparently think I don't deserve compensation for my decades of contributions into SS. A number, by the way, that far exceeded what most people contributed.
@@BarnabyBarry I'll be at 28 points (years) toward the WEP when I once again hit the "substantial earnings" number this year. One year I missed the number by $7! Another year, I missed it by $147! These were both before I knew about the WEP. Had I known then what I know now, I would've kept track of what I needed and picked up another shift or two during those two years. I won't get there in 2025, because the "substantial earnings" number will go up again next year, but the nationally known multi-billionaire I work for has already made it known that he is looking to cut security payroll at his house where I work. So rather than waste all my weekends working every Friday and Saturday night every weekend throughout the year, AND having to pick up additional shifts to get me to whatever the government says I'll have to make in 2025, I'm just going to enjoy my life rather than spend another year chasing an extra 5% on my social security. I've had over 35 years of paying into social security, but only hit their "substantial earnings" threshold in 28 of them. Some years, I tripled what they said I had to make, but even those years of high earnings, I only got ONE point.
@@charleslemaire8137 They don't pay FICA on a standard 401(k) or 457(k) contributions. Both are pre-tax contributions, which reduces their FICA. They'd only pay FICA on contributions to a Roth IRA, but then not have to pay taxes on the distributions. So, like a pension, we pay taxes on all them at some point. Also, some employers match their employee's IRA contributions up to a certain amount each year.
Agree that a single number has major flaws, like with the geographic cost-of-living disparities he points out. Also very true in discussions of a single federal minimum wage.
The example of single vs couple both earning $100k: Couple has lower federal income rate already, and the expanded CTC is another potential bonus only for them. Needs to be factored into his equity argument. Yes, there are other ways in which a marriage penalty still exists, and also must be factored. And yes, it's reasonable to give parents extra assistance for child-raising. But singles have their own disadvantages, like the relative lack of for-sale homes that are suitable or affordable for them. So they miss out on those homeowner equity and tax deduction perks. The goal of equity can be a complex calculation. And if the Credit is really about supporting kids, is there a more focused way to make sure THEY are actually the beneficiaries? Versus the money going for whatever else the parents choose.
Stimulus checks were extremely inflationary, along with the super low interest rates. How can this lady call herself an expert when she doesn't understand how low interest debts raise demand/prices? People cannot afford anything because that $8 Trillion that the Fed printed caused demand to skyrocket (with no actual growth). When that happens, wages stagnate, prices rise, supply chains get exhausted, and the standard of living declines.
This is where the next generation of Social Security went. It should not be running out if they paid it back. As of my knowledge cutoff date in January 2022, the U.S. government owed the Social Security Trust Fund over $2.8 trillion in the form of these Treasury bonds. The government continues to pay interest on these bonds and has the legal obligation to redeem them as they mature, effectively paying back the borrowed funds over time. Whether these funds will be fully repaid in the future depends on various economic and political factors, including decisions made by Congress and the President regarding Social Security policy, tax revenues, and government spending.
There are women who never worked collecting survivor benefits. How can my collecting a pension that I paid for be more injurious to Social Security than someone who never paid a nickel? I also worked continuously at other jobs and paid into SS. How is that double dipping? His explanation is flawed. He's very cavalier about how this affects widows and widower. He actually laughed at this. It's a huge problem for those affected, not some little inconvenience. He's also mistaken about the effect it would have on SS solvency. Read the actuarial studies!!!
WRT SS solvency, if you deserved a larger SS benefit, you should get it. BUT! What you are really asking for is a better deal than everybody else. Your pension (because you worked in a cheap state that did not want to pay FICA) is in lieu of SS. Recall you got to keep the 6% that would have gone to SS. Because SS is progressive, that is, lower income folks get a larger replacement rate, WEP adjusts the replacement rate for those that were actually higher earners that they appear to be. Because all of your income is not tallied, your AIME is lower than it should be. Think of all those extra/second job earnings and compare the way it works for you vs a normal person. I assume you were paid at least $14K/yr in today's dollars. These earning for a normal person would be replaced at 32%, but WEP actually replaces them at 40%. You are already getting a better deal than normal folks.
@@christinelinden4075 - Paraphrasing Lord Kelvin, "If you can't put a number on it, you don't know much about it. Addressing spousal & survivor, your argument would make more sense before the late 1940s when Joint tax rates became a thing. As couples report their earning together, sharing their earnings is part of the concept of marriage. You want to feel cheated, OK. But consider that spouse that worked part time, has a small benefit, say 30% of her husbands. If she files at FRA, she will get her 30% and the spousal will provide the remaining 20% so that she will get 50%. But if she waits a year (to FRA+1), she will get the 8% increase, raising her to 32.4% and her spousal will now be 17.6% summing to 50%. My point is we can all feel cheated by SS, but it is a poorly designed socialized progressive system. BTW, I agree that "double dipping" is not the right term. When military was able to use their 20 years in uniform to get a military pension and then take a gmvt job, using the same 20 over again to boost their gmvt pension - that was Double Dipping.
Ukraine is a pure corruption and fraud. In latest offensive that proved to be an epic unmitigated disaster Ukrainian army showed itself completely impotent. This impotence is the result of a successful implementation of an attrition strategy. Zelenskyy is running out of cannon fodder. He is forced conscripting even amputees, HIV positive and people with hepatitis. Total collapse is near so everybody tries to steal everything that isn't nailed down to the ground. It's a sign of utter desperation and hysteria. At this point unconditional surrender is the only practical solution for Ukraine. Hitler's Germany also refused to admit defeat until Hitler killed himself, then Keitel signed unconditional surrender.
You really cant project whst the debt will be . Like who saw trump increasing it by 8 trillon. Oh wait. Economist and a lot of democratic party members
I believe this is because baby boomers would not leave the job market or the board rooms at the times their parents did. They made it difficult to impossible for Gen X who is smaller but are the last carriers of the greatest generation which boomers benefited from. Gen X had been set up to fail. Just like you did as parents. Leaving us with less income, Therefore less children and our children are not having children or not having them until later or just one or two. Boomers have ruined the economy, the culture, the government and business environment for the next generations to come. You benefited from our grandparents and then sucked the marrow out of 401Ks, pensions and employer contributions. You shit on employee loyalty and seniority for cheaper, less experienced labor and killing the working middle class by shipping jobs overseas. Yes, you raised their standard of living but you also lobbied and manipulated for the sake or profits, at the expense of our environment, and specifically theirs. You also allowed and encouraged abortion on demand which put big dents into US population growth. Your generation in the decades it’s been in power, enabled all of this. You’ve lead the good life, while the rest of us are now struggling and you are taking so much more money in your retirement, there is nothing left for the rest of us. Gen X and Gen Z will never be able to “retire”. Boomers really are the most selfish me me me generation. The only thing boomers ever raised was their personal wealth portfolios. Certainly not your children, whose only inheritance from you is economic debt and the societal cultural decay you created.
