Dems are using social security and Medicare has a ‘piggy bank,’ economist warns

Dems are using social security and Medicare has a ‘piggy bank,’ economist warns

Economist Stephen Moore joins ‘Fox & Friends Weekend’ to discuss the impact of social security shortfalls on future generations. #foxnews

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A new report spelling major trouble for Medicare and Social Security Experts say The two programs are underfunded by a Huge number $175 trillion dollar that's almost two Times the entire world's economic output And while payments have increased in Recent years Social Security cash Reserves are set to dry up by 2033 which will lead to massive cuts for Americans 65 and older demograph Demographic that increased by 35% this Past decade so it's all a squeeze here To react Freedom Works Chief Economist Steven Moore Stephen thanks for being Here that's a number we can't even Fathom so $175 trillion underfunded over 75 years what does that Mean well Pete good to be with you and This isn't something that just happened Overnight this has been something that People like myself have been warning About for over 30 or 40 years uh we knew That the Baby Boomers were were going to Retire I'm a boomer I was born in 1960 I Just turned 64 and we knew that you know The the cohort of children behind them Was fewer and this has been a pay as you Go system and here's the thing I yes These problems have huge financial Problems but for somebody like me and And somebody who's in their 60s or 70s To to say we're going to cut your Social Security benefits I think feed is unfair

I mean I paid into this system every Paycheck I got since I was 18 years old 12% of my paycheck and I getting a lousy You know $2,000 a month benefit come on If I had if we had put that money into a 401k plan which is something I've always Favored I wouldn't be getting $2,000 a Month I'd getting $10,000 a month and I'd be able to say you know give my Grandkids and Kids a million dollars in Benefits so no we shouldn't be cutting Benefits now how did we get into this Crisis Pete it's because Congress has Been stealing the money from Social Security and spending it on other other On other progams Rachel if if you did That in the private sector and then you Stole money from a pension fund they'd Throw you in jail yeah and the reason They're stealing money from Social Security is because they're spending too Much we got money going to Ukraine we Got money going to the illegals and so Exactly so what's the solution I mean is There something like if you were Advising say Mike Mike Johnson the Speaker of the house um you know yeah What would you tell Congress to do to Solve this because you know our T said You know what what seniors need to know But I'm actually thinking me and Pete And our kids are just going to get Zero yeah yeah so it's a great question Rachel we ought to starting tomorrow

Allow every young person in America Who's Working oh come on just when he was Going to give us the answer we ought to Allow every young person who's working To do what we don't know we're going to Have him back cuz I'm telling you I want To know the answer to that I would also Love I've long wanted to opt out of Social Security me too you know it's Actually a voluntary program you can Actually really well technically Speaking oh here he is he's back Speculation go ahead Stephen I want to Be clear about this you you'd still have To put 10 to 12% of your money into a Saving account another would be like a Mandatory saving account but you'd get For every young person they get much More money out of it now medic Care by The way we haven't even talked about That pet and Rachel that has even bigger Problems and it's such a joke because Remember what they called Obamacare the Quote Affordable Care Act do you think Health Care is Affordable Medicare has Gone bankrupt because the government has So screwed up the Health Care system I Don't even know where to start with that But I guarantee you Obamacare made the System much worse and Biden also he he Stole a couple hundred billion dollar From Medicare to pay for all these other Programs in the affordable care act so

They're using Medicare and Social Security as a piggy bank to pay for all These other programs Rachel that you Were just talking about you know what I Think I think we could solve Medicare by Getting Americans healthy and one of the Things that I think members of Congress Should work on is talking about our food Supply GMOs getting rid of all you know Stop subsid stop set stop setting uh uh Subsidizing Ultra processed foods we can We can get healthy and solve that Problem to some degree but big Pharma And big food want a sick and it ends up Costing us a lot of money um so that's My that's my thought there I'm okay with That Mel as long as you don't take ice Cream away from me that Not Natural Ice Cream I just had some Last night I made some at home I like Synthetic ice cream it's really good I'm Steve juy I'm Brian killme and I'm Angley aart and click here to subscribe To the Fox News YouTube page to catch Our hottest interviews and most Compelling Analysis

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