From Friday February 4th, 2011
Peter Schiff Interviews Charles Blahous, one of two Public Trustees of the U.S. social security system. Blahous knows that Social Security is troubled and recently wrote an op-ed piece in the WSJ including the following quoted pieces:
1. regarding the State of The Union Address: "Mr. Obama mentioned Social Security only long enough to issue vague warnings against "putting at risk current retirees" and "slashing benefits for future generations."
2. that there is no trust fund: "Social Security is an income-transfer program in which current benefits are paid from current workers' taxes"
3. that current recipients are getting more than their share: "Current wage- indexing doesn't create benefit equity across generations. Rather, it ensures that each successive generation must pay higher taxes to get the same replacement rate."
4. politicians are not looking to cut spending on social security: "In no true sense, therefore, would any current Social Security reform proposal "slash" benefits. Leaders on both sides of the aisle should acknowledge that we are actually negotiating over a rate of benefit growth."
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