Social Security and “Let’s Make a Deal”

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Social Security and let’s make a deal. That’s right. Social Security is one big fat, see I told you so moment, going back to the 1990s, I warned everybody, I was warning everybody, especially my generation at that time. I said, listen, do not plan on getting Social Security. If you get it, congratulations, but don’t plan on it. It’s going bankrupt.

And again, we can fast forward to 2004. Actually, the one thing that George W. Bush tried to accomplish failed because he was spent all of his political capital in Iraq was reforming Social Security, but it didn’t happen. Again, it was much more important fighting for no reason in Iraq at the time. Anyway, neither here nor there. There was a story today.

I want share with you in this scan, these are all things that we’ve discussed over the past 30 years. Social Security is very popular with Americans, large majority of Democrats and Republican like the program and wanted to continue with no cuts in benefits, no increase in costs to taxpayers and no real reforms of any kind. This is from Reason today. That makes the general public children.

I it. I want it. Why can’t I have it? I want it. I don’t want to be my one. I mean, again, that’s basically what it is. You’ve got a bunch of kids. it’s a third rail of American politics. From the get go, Social Security was always a Ponzi scheme from the very beginning. Recently, recently we had Romina Bochia from the Cato Institute.

put out a report, I’m gonna quote her. Imagine a charismatic salesperson promising sky high returns to early investors, only to use the money from new investors to pay them off. That’s again, Ponzi scheme, Charles Ponzi fraud. Again, you might be familiar with Madoff for crying out loud who ran the same thing. again, social security, current workers payroll taxes fund the benefits of

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current retirees. That’s the same way Ponzi scheme worked. Okay, new money, pay off old promises. Ponzi scheme, Bernie Madoff, the Social Security Trust Fund, or as Al Gore like to call it, the lockbox. Yeah, there’s no money in the lockbox. It is, and I’ve described it,

I think better than anybody else as the IOU scheme from the film Dumb and Dumber. Again, if you’re not familiar with the film Dumb and Dumber, you got Harry and Lloyd, two not very bright characters, and they find themselves with a suitcase full of money. These are two unemployed fellows. And they start spending the money in the suitcase and they stick IOUs in it.

like they have the ability to pay it back. until 2010, Americans paid more in social security taxes than the program paid out in benefits. The extra money wasn’t saved but passed on to be spent by the rest of the federal government in return for IOUs. Isn’t that great? To love those people in Washington, DC. Rather than taking your money, they could have stuck it in a bloody savings account, bought a CD’s with it.

Imagine if they actually invested it in an S &P 500 fund over those years. You know how much money you’d be getting today? No, no, no, no, no. No! They had to spend it. They got their grubby little hands, Democrats and Republicans, and spend it on complete and utter bullshit.

Anyway, as the social security cashes in on those IOUs, the treasury is gonna have to borrow about $4.1 trillion plus interest to fund the program from now until 2033, which is, you know, I got credit cards and I gotta go borrow money to pay off my credit cards. Same thing. Same exact thing.

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Okay, we got to get to 2033. And that number could change could be 2032. Shortly, the funds reserves will be depleted. And again, it’s going to be cut. It’s going to be cut by about 20 % plus at that point in time. Okay, how do we keep Social Security afloat? Well, some of the things

an offer. Lower benefits, nope, nobody wants that. Nobody can’t have that. Taxes could be raised. Nobody wants that either. But again, you raise taxes, then you have to pay people more money, don’t you? Retirement age could be adjusted to reflect life expectancy because it’s obviously much higher now than when the program was implemented. Nope, nobody wants to do that either.

Or it can be converted into a welfare program, but then people are going to get upset. I paid into my entire life. I want to get some of my money. Nobody wants that either. And it doesn’t matter whether you are a Donald Trump supporter, you are Kamala Harris supporter. You want some magical genie to come down and make it all go away. You don’t want to be an adult.

You don’t wanna be a man, you don’t wanna solve the problem. I got an idea. I got an idea and it’s gonna be called, let’s make a deal. Let’s make a deal. I think this could be a start. I’m throwing this out there, throwing this out there. Why not cut deals? Why not cut deals? Why not go to someone and say someone that has significant means?

has retirement accounts on their own that was responsible, prudent throughout their entire life and saving money, putting away, you know, the whole ant in the grasshopper type of thing, doing what you’re supposed to do, not relying upon the government for handouts and giveaways and the promise of social security down the road. Yet you go to the people, the personally responsible here in the country and you make them a deal. You say, listen, okay.

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You’ve got all of this money. Let’s say you’ve got all this money in a 401k, 401k IRA, whatever it may be. And you could deal with them. You listen, we will allow you, we will allow you the ability to take your 401k, your retirement account and convert it free of charge, no taxes into a Roth, into a Roth.

The only thing you have to do is you have to give up any claim to Social Security.

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Step in the right direction. yeah. Listen, I got a long, long, long, long, long, long list of clients. It’d be all over that. Why not? Give up any claim to Social Security as long as you can take your savings and your retirement, convert it into a Roth so it can continue to grow tax free and the money could come out tax free. That sounds like a deal.

Does that not sound reasonable? I know. Let’s say, this rich people is going to be taken advantage of. No, no, no, no, no. They’re not getting more Social Security. Listen, sign me up. Sign me up. Sign my clients up. We’d be all over that. Watchdog on wallstreet.com.