NEW BILL!! $200 Raise For Social Security | Expert Speaks Out - YouTube

what's going on everyone welcome back to the show  so we are going to take a look and a listen to  

miss mcginnis and i'm going back to the hearing  we're going to play some videos of the hearing  

the uh hearing that they when they were talking  about the 2400 boost for social security uh the  

reason that i'm doing that is because i covered  most of the hearing but there were a few uh people  

that i did not cover and i want to go back and  and take a look at them and then also senator  

scott he spoke and i also want to show a video of  him so i'll probably do three or four more videos  

that are focused on this hearing okay now if  you guys don't know they they did a hearing  

this is about about 10 days ago senator bernie  sanders held a hearing and they were discussing  

reforming social security okay and that's when he  introduced his 2 400 boost for social security and  

so in this video on the other videos that  i posted i think it's important for us to  

really focus on this because we're hearing from  experts we're hearing from people that take the  

time to figure out exactly how to to move around  or how to move when it comes to social security  

and so this uh this lady here she is the president  of the committee for a responsible federal budget  

okay and uh she considers herself an independent  this is a bipartisan committee that that she uh  

runs and that's good i mean we we really need to  focus on the budget i think everyone knows that  

i think we all understand that congress spends  too much money okay and you can say well it's  

the president no it's congress congress they  hold the purse they're the ones that determine  

how money is spent and every year we see that  we're spending too much money so we're going to  

take a look and listen to what she has to say but  first off on this channel we talk about money and  

the financial struggles that americans are facing  today that sounds like something interesting to  

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we get to the video i do want to talk a little  bit about the premieres okay so i will be doing  

premieres and i i'm continuing to promote this  because i want more and more people to come in  

and watch the premieres because i think this is a  good opportunity for us to watch a video together  

as well as if you have questions you can  ask me you can ask my moderators you can ask  

us how we feel about certain things as well so  you might not have a question but you might want  

to know how i feel about a certain topic uh you  can ask me that now i do my best when it comes  

to the premieres to answer during the premiere  and if you don't know how the premieres work  

the video will be played it's not a live video  but there's a live chat going on while the video  

is being played and so um when it comes to the  questions i try to answer as many questions as  

i can and if i can't answer the question then i'll  answer in the comments or i'll do a video about it  

i mean there was a person a couple of days ago i  did a premiere and they had a question and i i'm  

doing a video about it so i'll be doing that video  in the very near future it's going to be about  

stimulus checks and how stimulus checks affects  inflation so we'll we'll do that video so let's  

go ahead and get to this video and i will pause  when i need to and to talk a little bit and then  

at the end i'll give you my my overall opinion of  miss mcginnis so here we go thank you thank you  

um our next uh panelist is miss maya  mcginnis who is president of the committee  

for responsible federal budget our areas of  expertise include budget tax and economic  

policy ms mcginnis thanks very much for being with  us thank you thank you for inviting me here today  

to talk about the importance of making social  security solvent and various ways to do so um  

i will briefly touch on three things uh that  are done more in depth in my written testimony  

but i'd like to talk about social security's  financial condition the cost of waiting to  

fix the program and some of the objectives for  reform so first as we've already talked about  

the most recent trustees report tells us that  social security is headed towards insolvency  

of course that is not news we have known this  for more than 30 years and yet in that time  

we have basically done nothing to make this the  program shored up so there's financially solvent  

it's pretty sad right uh they we we've known this  for 30 years politicians have just been kicking  

that can down the road for 30 years and now we're  up to what 12 years 13 years something needs to be  

done or we're looking at the trust fund running  out of money and it's just sad to to see that we  

have a congress that is there they're they're  supposed they're supposed to represent us but  

they're not doing that they're clearly not doing  that because uh this is something that could have  

been handled 30 years ago they knew that this  was coming but they didn't want to address this  

and so now there's there's a sense of urgency  to get it done and the longer we wait the worse  

off uh we'll be and she'll explain that  right now we now have a situation where  

the combined trust funds will be insolvent by  around 2035 when today's 50 year old 54 year  

olds reach full retirement age so the one thing  we know that increases anxiety is uncertainty  

and that is what people have today  about the future of social security  

upon insolvency all beneficiaries everyone  millionaires and people who depend on social  

security for their entire livelihood will receive  benefit cuts across the board 20 percent and that  

will grow over time so i can this is something  else that's important that i haven't even talked  

about the fact that you'll see a 20 cut and then  it will grow after that so it's not just going to  

be a 20 20 percent cut or some say it's about like  23 a cut that's that's it it will continue to grow  

if they're if they don't do anything uh with it  with the trust fund if they don't uh sometimes  

if they don't figure out a way to solidify this  this trust fund and so that that's even worse  

it'll start at 20 and it can keep moving if  congress can't get their act together and if they  

i mean this is this is one thing uh let me cut  away real quick so i want to talk about this uh  

when we when we're looking at the way our word  congress works or the way politicians work  

it it's really sad when you think about things  because you'll have one side if one side is  

controlling things let's say okay the democrats  right now they're controlling things you have the  

republicans on the other side and guess what  the republicans want our country to do bad  

they want things to go to to be worse than  than what they are and so we're looking at  

a good example we're looking at inflation right  now and you have republicans now i i'm picking  

on republicans only because they're not in power  right now if democrats weren't in power it would  

be the same thing okay because all they want to do  is regain power republicans want to regain power  

the only way that they see that they can do it  is not having better ideas but actually having  

the country do worse that way they can say  look look at what this this other side did  

we're gonna do better and so it's sad that  that we're looking at inflation right now  

and you have one side saying that inflation  this is horrible and they're hoping that it  

gets worse i mean just think about that they're  hoping that the american people suffer even more  

so when it comes to social security the same  thing if we got to a time where they start  

cutting social security then you're going to  have one side the side that's not in power  

blame me on the other side and saying look what  they're doing and hoping they would be hoping  

that it gets even worse uh that i i don't know  how as as a as a government we can continue on  

this path and so what we're seeing is just a back  and forth back and forth no one we're not moving  

forward because as soon as we try to move forward  you have the other side trying to pull you back  

and so it's a sad state of affairs when  we look at stuff like this and uh this is  

let's hope that they can come to some type  of a resolution when it comes to reforming  

social security but this is it's not  healthy it is definitely not healthy  

for the country there it's good to have  different ideas and have different plans  

but when you get to the point where you are hoping  you're hoping you don't even put a plan together  

i mean we're looking at republicans right  now they have not put out a plan the only  

politician that's put out a plan on the republican  side in the senate is rick scott senator scott  

he is the only one okay and people have issues  with his plan but when it comes down to it you  

have one side that's not even putting out a plan  all they're doing is saying look at how terrible  

things are we're going to fix those things but  we're not going to tell you how we're going  

to fix them that is not healthy you should be  telling us hey this is what we're going to do  

and let the people decide is this something that  will that they think will help or is this just  

talk so i can point to a lot of good proposals  over the years this is clearly not one of them  

every year we wait and that we have waited has  made the changes more difficult and more painful  

in 2010 you could have achieved 75-year  solvency by eliminating the taxable maximum  

or price indexing benefits today neither of  those will be sufficient in 2010 the simpson  

bowls plan was phased in was going to phase  in all of its policies over 40 years today the  

same type of plan would have to be phased in in  five to ten five to ten years so continued delay  

will make the needed changes even larger while  giving participants even less time to prepare  

so what should the goals of the reforming the  system be and there are plenty of different  

objectives and that's part of the  reason we should have compromise  

what i believe needs to happen is that we need to  make the program solvent before we expand benefits  

i think we need to protect those who depend on  the program i think we should make changes that  

encourage economic growth wherever possible and  finally and importantly i think we have to think  

about this comprehensively so recognizing that  social security is one of many national priorities  

and that acknowledging that there are trade-offs  between funding for social security versus other  

priorities such as investment children climate  national security and many other priorities

as to the first objective there are plans out  there that would expand benefits and fail to  

make social security solvent this is akin to  saying to seniors we will promise you even more  

while we know that we cannot even pay you what  we have already promised this is dangerous and  

it's disingenuous second i think it makes  sense to make these changes progressively  

and the options to do this include things like  lifting the tax cap means testing progressive  

price indexing and or adding minimum benefits  along with other changes to enhance solvency  

on this objective i find it really hard  to understand those who advocate more in  

taxes on the rich while ruling out slowing  the growth of benefits for the same people  

changes will have to be made if wealthy  beneficiaries are held harmless others  

will have to face more in benefit reductions  or pay more in taxes and the more we do this  

by raising their taxes rather than reducing  benefits the less revenue from that group will  

be available for other priorities you can only  tax millionaires and billionaires so many times  

another useful objective is to include  changes that create incentives for work  

savings and growth this is particularly important  because of the economic challenges we face because  

of the aging of the population finally it's very  important to look and think about social security  

in the context of the full budget as well as  an independent program already the federal  

government spends roughly six dollars per senior  on every one it spends for children so we need  

to think holistically about whether we want to  widen that gap or we want to narrow that gap  

there's both a financial and a political  budget constraint in overall spending  

and by contemplating programs in isolation you  bypass the consideration of those trade-offs  

the right and the best way to start  this discussion is to pass a budget  

in my written testimony i include a list of  options and links to our interactive tool the  

social security reformer which you can use  to craft your own plan many many members of  

congress and citizens have used it to weigh  in on how they would like to fix the program  

in the past we have worked to develop a number of  plans and work with members of congress to do so  

right now process wise i think the single best  idea out there is the trust act senator romney  

has worked on this and it's bipartisan and  bicameral and what's so appealing about it  

is that everything is on the table in order to get  out of the special committees that would look at  

how to save these programs the proposals have  to be bipartisan and you would still have the  

same threshold in the senate to pass any reforms  so there's no single right way to make social  

security solvent however the wrong thing to do is  to continue to do nothing so we would be delighted  

to work with any office that's interested in  working on social security to develop a plan  

for solvency we would be particularly interested  to do so that anybody's willing to do it on a  

bipartisan basis thanks again for having me here  today okay so that was miss mcginnis there and  

she said a lot of different things i'm not going  to be able to talk about everything that she said  

but i do want to to focus on one main  thing she was talking about solvency okay  

so that's the focus that's where she thinks we  should be focused so not enhancing benefits but  

the solvency issue so um she as far as she gave a  different a few different ways of of going about  

it and also it looks like she's not in favor  of the 2400 boost for social security and she  

doesn't look like she's in favor of senator  bernie sanders plan she's more in favor with  

uh senator mitt romney his his trust act which we  don't we still don't know what that is and so the  

bottom line is this is another expert and this  is how she feels that we should be doing this  

we should be focusing on the trust fund and just  the trust fund don't focus on the extra benefits  

now let me go over to her website i just want to  show you uh real quick so you guys can see uh what  

she has on her website here and let's uh reduce  this down just a little bit see the whole website  

now uh and i i stated the name earlier it's  the committee for a responsible federal budget  

okay and she has her information there now this  interactive stuff you can go on here and i think  

she was talking about you can actually create  kind of a a plan for uh for social security  

or plan for the budget so you have stuff here you  can you can go through so it's pretty interactive  

site which is which is good and so i encourage  you to go over to her website and check it out  

uh it's always good to to be able to look at these  different websites and kind of find out what their  

plan is and then we can all have an idea so you  we we see her idea she's more along the lines of  

what senator romney wants and then we we saw some  of the other experts they were more in line with  

what senator bernie sanders wants and then you  can get different strengths and weaknesses on  

both sides so anyway if you guys have questions  please post them down below if you like this  

video please give me a thumbs up please subscribe  for more and i'll talk to you in the next one bye

you