Transcription
Trump touts tax relief for vast majority of seniors on Social Security's 90th anniversary. Okay. So when he says this, President Trump's proclamation issued Thursday to mark the 90th anniversary of Social Security Act signed by FDR described it as a monumental legislative achievement, stating to this day Social Security's root in a simple promise: "Those who gave their careers to building our nation will always have the support, stability, and the relief they deserve."
The proclamation highlights his administration's improvements, including technological advances and a reduction in average telephone response time from 30 minutes last year to 6 minutes, an 80% decrease. Trump claims these efforts ensure Social Security now stands stronger and more resilient than ever before, counting democratic criticism of workforce and one big, big beautiful bill.
The administration completed over 3.1 million payments ahead of schedule, totaling $17 billion to eligible beneficiaries. The proclamation notes provisions in the Republican spending package signed last month allow the vast majority of seniors who receive Social Security to pay absolutely nothing in taxes on their benefits, which Trump calls the largest tax break for seniors in the history of our country.
Rob, so is this him signing it? This is, and then he praises the Social Security commissioner. Go for it. "Just brought with him some of the most talented people in business, and they were making, again, they were making a lot of money. But they made a lot of money. They had money they didn't have to make anymore, and they just want to do this. They want to have our country become strong and good. And that's what's happening. And we're doing that in a lot of locations, a lot of areas. You deal with some of the people that are commissioners, that are secretaries of state, of secretaries of treasury, and commerce, people that were really, really successful people. And they gave all that up to make a very small amount of money. Uh, they don't even consider it a fraction. You say 1% less than 1% less. That's pretty good. That's a big, that's a big pay."
Okay. So you see this here, and obviously it's nice, it's great, everything that they're talking about. But then when you get your Social Security statement that comes in, and many of these letters, it tells you the account's going to be insolvent by 2033, that it's going to run out of money. And one part that we don't think about: every president is afraid of having the Social Security conversation. They're all afraid of it. You know why? It's a big voter base. And if you don't get it, you're not going to win midterms. You're not going to win elections. You're not going to win any of that stuff. But I'm not running for office. Okay? If you're younger watching this, you're going to pay a price for it. I'm talking to the guys that are in their 20s and their 30s. Watch this here. Rob, can you go back and type in when FDR came out with Social Security, what was the life expectancy in America?
So, I'll tell you while he's pulling this up. FDR comes out with Social Security in 1935. Life expectancy at the time was 61 years old. Okay. 61 years old was life expectancy. Wow. At that time. Okay. 61 years old right there. Do you know when benefits were paid out? 65 years old. So at the time, benefits were paid out four years after the average American died. So do you know the first time when they came out with Social Security became law? The first time they paid out Social Security was in 1937. 1937, they used to pay Social Security in lump sums. Do you know in 1937 how many people in America got Social Security? You know what the number is? Can you tap in how many people got Social Security the first year they paid it out? It's roughly 54,000 people that got Social Security the first year, give or take. Not, not, not 1940. 1937 is the first year they paid it out. How many people in 1937 got Social Security? It's 54,000 people, give or take. Do you know in 1937 when 54,000 people got Social Security? Do you know how, what the U.S. population was at the time? 53,000 people got Social Security. Do you know what the U.S. population was at the time? The U.S. population at the time was 128 million people.
So, let's do some math, Vinnie. I know you like math. I love it. Can you type in U.S. population 1937? Tom, you know where I'm going with this. Watch this. Let's do math. I'm right with you. So if you do 54,000 people got benefits out of 128 million people, let's do the math. You know what the number is? It should be 0.004%. Wow. So today, what's our population? 340 million people. Almost 400 million. So if we apply this into today's math. So, let's take this times 340 million people to use FDR's formula today. Only 143,000 people should be getting Social Security today. Do you know how many people got Social Security payments? Can you pull up the number, please? What it is? Probably 50 million people. 74 million people are getting Social Security checks today. The number is right there. 74 million people are getting Social Security checks today.
So, let me get this straight. We started off in '37. Average age was, life expectancy was 61. Benefits started at 65. Only 54,000 people got the benefit out of 128 million. 0.04%. You apply to today on 340 million, it should be only 143,000. Yet, 74 million plus got it. And if we applied FDR's calculation on when Social Security benefit should start, you know when it should be. Rob, can you do me a favor? What is the life expectancy today of Americans? Like, you guys want to guess? Let's, let's. What is, what is 72? More than that, buddy. What is it today? What is it today? 70s, low 80s. What is it today? 78. Okay. Do you know what that means? If we use the same exact principle of Social Security starts four years later, 61, 65, and that was when we were living 61, now you go to 78. You know when benefits should start? At 84 years old. If we use FDR's formula, Social Security today should start at 84 years old. People are normally dying around. But by the way, nobody is going to agree to this way because no one's going to get elected. Except for the youth. If you're in your 20s and you're in your 30s, you ought to be campaigning for not wanting any Social Security. But also, the debt load is not going to be passed on you because in reality, it is. And you're going to be suffering the consequences.
So, let me get this straight. Median income's not comparable to what it was 20 years ago, 40 years ago, 80 years ago, where a lot of these boomers, they were able to buy a house and pay it off within 8, 10, 12 years. By 22, 23, 25 years old, they had a house. It's not the case today. Your income was able to give you a decent, you know, life. Not today. On the backs of what? So now they'll say it's the billionaire's fault. It's the rich man's fault. No, it's called out of all the money that America gets in taxes, which is roughly $4.9 trillion of revenue that comes in, tax revenue that comes in. Do you know what percentage is used for entitlement programs? 68% of that income is used for entitlement programs. Let me explain to you what this means. You make $490,000 a year. You're rich. You're doing very good for yourself. Your parents guilt trip you on paying 70% of your $490,000 every year to your cousins, to your siblings, to your grandparents, to your aunts, to your uncles. They guilt trip you. But mom, I worked hard for this $490. Doesn't matter. Give it to your cousins. Give it to your uncles. Give it to your aunts. Are you kidding me? Yes. I worked so hard to make $490. Let's take $490,000 of income times 68. $333,000 of it should be given to your friends and family. Do you think that's a good idea? If you don't think that's a good idea, why should it be a good idea for 20-year-olds and 30-year-olds that are sitting there saying, "What's going to happen with this if the account's going to deplete in 2033, 2035? Are we going to keep adding this $40 trillion debt, $50 trillion debt?"
Do you know what our total unpaid commitments we have in debt? Not, not national debt. Our national debt is what, roughly, Rob? $38 trillion. Our national debt is $38 trillion. What is our total? Yeah. National debt clock will say what? Let's, let's look at this here. $37.2 trillion. But what is our complete debt that we have to all the programs combined right there? It's on the side. It's on the side right there. It's $105 trillion. Yep. Wow. And that's our commitment to Social Security, commitment to everything else that we have. That's your debt. That's your debt to all the young folks that are watching this. That's your unfunded debt and interest. Forget the $37 trillion. That's it. That you have to pay for. How do you think that money is going to come? You think we have that much oil? You think we have that much Bitcoin? You think we have that much reserve in gold? You think we have that? How much do you think we have in gold? You know how much we have in gold? You know, our gold reserve. How much is our gold reserve? Rob, can you go to our gold reserve? How much do we have in our U.S. gold reserve? Look at the number. Should be four, 500 billion. Well, it's gone up now, but it should be a, a, what's the number? What's the dollar amount that we have book value to? Okay, there it is. Overall, the U.S. reserve gold is now 757. Fort Knox alone is 388. We have $757 billion. Oh my god, that's so much money. Go back to the debt clock. You know how much that is? Nothing. That's the change. That's the. Did, did you understand what I just said? The change, the gold would simply pay for the change. So if you go to the amount of debt that we have, we're in a bad situation right now. Yep. Bad situation right now.
So, yeah, you know, with Social Security, let's keep doing it, guys. Let's keep doing it. I think the least somebody should have the brass to do, raise the age to 75. And by the way, you know how it should be. This is how I would do it. Tom, push back on this and please give the devil's advocate argument to what I'm saying and tear apart my argument. If you're above 60 years old, guess what? Let's pay you off at the age that we have right now. If you're below 60 years old, benefits start at 75 years old. We don't have a choice but to do this. Benefits start at 75 years old, not 65. I would go to 80. I'd go to 85. We're living longer, but benefits goes back to 75 years old. For anybody under the age of 60, anyone above the age of 60, you're there. Your benefits start at 75. No, 65 years old. Above 60. Okay. Above 60, you get it at 65. Below 60, 75 years old. Tom, thoughts. Are you against it? Uh, I'm not against it because there, there needs to be a financial restructuring, but I'll be the devil's advocate on the voter side. Okay. So, I recognize that we have a, a, a spreadsheet that doesn't work. So, we got to do something. But here's going to be the argument: "Wait a minute. I didn't work for a company with pensions. I've got some savings. My wife and I have our individual IRAs. We rolled a couple small 401ks over when we were with companies that could get us a 401k, and we got our savings and Social Security. That's what I intended to live on. What do you mean you're just going to pay me a lump sum? You're supposed to pay me by the month. I've been getting statements from the government that said that I'm going to get $2,700, $3,200 a month for the rest of my life. My wife's going to get $1,200. That $4,000 plus my savings. We're selling the house. We're moving to Florida. We're going to get a condo, downsize. That was my plan. You can't change the plan on me. You can't pull the rug out from under me right now." That is the devil's advocate position. That's the voter. And then my other brain says, "Well, you got to do it." Greece was going bankrupt, Vinnie. Going bankrupt. Go look up Greece austerity riots. Going back 15 years ago, I believe it was. They said in Greece, "We're freaking broke, and we are one of the." That's right. 15 years ago, uh, May 2010, almost exactly 15 years ago. The government said, "We're going broke. Guess what? Some of you folks are going to have to work longer, and then you're going to have a little less." It's called austerity when you get to retirement. And they're like, "Wait a minute. Me sitting on the porch with the misses, having a little tiny juice glass full of wine. The way we live our lives here, you wait. You're telling me I got to work longer and I'm going to get less?" Yes. And then they revised it, I believe, twice. And the people went bonkers. You know why the people went bonkers? Because also in socialism, you know what you had? You had people like me sitting in a job, and you had people like my niece waiting for that I want to work at the post office for the rest of my life on a good government job, just get paid, hang out, but I can't get my job until my dad retires. And you're telling me now I got to wait for him to retire. So this, it was, it was called a barbell reaction where you have two ends of the spectrum are reacting, and then you have the bar in the middle. The youth went bonkers. They're not going to get basically socialist income and 30-hour a week jobs and get paid their living wage for that. And then the older people said, "I get less, and I can't retire for another five years." And you can see what they did. They, uh, they reacted a little bit, and they kind of tore up the place. You think so? Adam, your thoughts.
So, I'm going to tell a story, so bear with me. So, I've had a, okay. Uh, I've had a rough week. Uh, my stepdad died, and, uh, we know that I went to his funeral, um, and he's been sick for quite some time, but I had to have a very crucial conversation with my mom about life and finances and work. And here's what I said to my mom, who's 74, and I love you, Mom, and thank you, Vinnie, for reminding me to call my mom every day. I said, "Mom, you're not retiring anytime soon. You need to stay working. You need to make more money, and you need to save that money. I love you. I'm here for you. Whatever your, uh, shortfall is, I got you. But, uh, you need to stay working because I want you here to age 100. And if you're going to be living for the next 25 years, you don't have enough money to last another 5 years. You need to keep working. There's no retiring for you." And that is exactly the type of conversation that unfortunately many of you need to have with your parents and your grandparents because they did not save that money. And it's sad and it's true. People always ask me, Pat, how did you meet Pat? What's it? You know, the number one reason I'm here, the number one reason is because that debt clock that Robbie, if you can show that, I saw that in 2015, and I said, "What the hell is this?" I said, "What's going on here?" I was at a conference in Vegas, much like we were just at last week, and of course, this is when I was drinking. Uh, I'm sitting in the back of the room, and I'm hung over, and I'm sitting in the back of the room, and it's, you know, how the insurance guys are. It's all older white guys, and they're all doing their thing, and I'm just, I'm sitting in the back of the room, and I hear blah, blah, blah, blah, blah, and that's why millennials are going to be broke. I'm like, "What? Millennials are going to be broke? What do you mean?" They're like, "Did you not hear anything we just said for the last hour?" I was like, "No, I'm hung over. It's Vegas." And I go, "What do you mean they're going to be broke?" I go, "What are we going to do about it?" They go, "Nothing, buddy. We're about to retire. That's on you." I was like, "What?" And I felt inspired to basically start my show. And I talked to Pat. I was like, "Pat, I want to do this thing." It's 2016 at this point. I said, "All right, I'm going to help millennials save that money." And I realized that this is a major problem. Here's a little fun fact for you. You talked about Social Security. I'm fully on the same page with you, Pat, as far as Social Security. Workers per retiree. That's what Social Security is founded on. Workers work. They make the money. The retirees who pay into it get to receive the money. In 1940, after FDR did the New Deal, do you know how many workers per retiree there were? 42 workers per the retiree. Pat, you ready for this? You know how many workers per retiree now? Mhm. Two. In 1940, there was 42 workers per each retiree. Now there's two. And do you think that's going the right way or the wrong way? Life expectancy then, you said, was 61. You received benefits at 65. Now you're living to 85, 90. My grandma is 98 years old. She's going to be 100. People are living longer. And then also, as far as living longer, birth rates are going lower. The math is not in our favor. Social Security was built for a world that we live to 65. We're all living to 85, 95, 100. No wonder this country is going broke. People criticize me, Adam, focus on Epstein, Gaza, AutoPen. We're broke. And we need to focus on saving that money. It was supposed to be a small supplement for approximately two years. It's become a pension program for 40 years. Yes. And it's very sad but true. This is why I care so much about this. Have to raise the age. I agree with you. They have to raise the age. To the boomers that were listening who got off the podcast when I told you ear muffs, remember what I said? They have to raise the age. Your kids and grandkids are going to be destroyed for this one day.
Every once in a while, we get new things that come up for summer. Summer hats are here. And I want to show you this with these summer hats that we have. They're not that many. We didn't order hundreds of them. This is very limited supply for summer, and we're just simply testing it out. The first one is the splat print. If you look at it, it's pretty sick. Can you change your pictures on that, Rob? There's not that many of these. We're simply ordering these to see how you like it, and then we may do a bigger supply. It's a new future look bright design on the back of it. It's actually pretty sick on the bottom as well. Then this next one, the black one, is not going to last. Although I think these two are going to be competing. Look at this one here, by the way, with the front logo. Real cool on the way this black one looks with the orange on the bottom. The future looks bright on the back. And last but not least, this the white one with gold. Future looks bright. Future looks bright on the back, on the bottom, and an American flag. And value, Tim, just divinity. This one looks sick. Absolutely look at how this one looks. This one looks absolutely sick. I'm going to keep this. And so they're out now, gang. Go place an order. When you do place an order, a gift comes with it as well for the first hundred people that place the order. But, uh, those are the new hats that came in on value, Tim, summertime. Go represent future looks bright gear. They just came out this week. If you enjoy this video and want to watch more videos like this, click here. And if you want to watch the entire podcast, click here. [Music]