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52,042 Views • Mar 18, 2024 • Click to toggle off description
This video is presented by Metro by T-Mobile. Metro has no editorial influence on our videos, but their support makes videos like these possible.
A longer version of this video is on our channel and helps explain some of the basics around how Social Security in the US is funded, why everyone keeps saying it’s “running out,” and some of the ways we’re looking to “save” it.
There’s no denying that Americans rely heavily on Social Security benefits. Estimates from the Social Security Administration found that 97% of adults over the age of 60 are either collecting or will start collecting Social Security. As of February 2023, about one in every five residents in the US collected benefits from these funds. For such a widely used program, it’s a bit surprising that people in the US know so little about how it works. To be fair, most of the news around this program over the past decade has been about how it’s doomed in one way or another. Millennials and younger may see the money being taxed from their paychecks and believe they’ll probably never see it again, but is the program really destined to fail? And what do we stand to lose if it does? Check out the video above to get the most basic facts about Social Security in the United States and what to expect in the coming years.
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Views : 52,042
Genre: News & Politics
License: Standard YouTube License
Uploaded At Mar 18, 2024 ^^
warning: returnyoutubedislikes may not be accurate, this is just an estiment ehe :3
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94.77% of the users lieked the video!!
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RYD date created : 2024-07-20T10:28:48.154406Z
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155 Comments
Top Comments of this video!! :3
Just raise taxes on the wealthy lol
329 |
Love how she totally left out that the government "borrowed" all the money from the trust thus we as tax payers now have to pay for ss and pay back what they stole so now we're paying double or triple what previous generations have
15 |
It's called the pensions crisis. It's a global phenomenon.
96 |
It's not as simple a just saying "there are too many old people". The real question is: Can the economy produce enough to provide for the current number of pensioners? Therefore it is a question of productivity and wages. Productivity has increased since the baby boomer generation was born but wages have not kept up with productivity. Since social security is payed from wages, low wages mean less resources to pay for pensions.
97 |
No it's because we refuse to tax the rich
41 |
Remove the social security glass ceiling for the rich! Done ✅
We bailed our rich people in 2008. Now it’s their turn to take care of grandma 👵
11 |
Wrong the real reason is the ridiculous cap on social security taxes that limits payment above a certain income level. Simply raise the level to generate more revenue.
4 |
Sounds like letting immigrants in and contribute to the workforce can be a solution
56 |
That's a problem with the system... right? Blaming people for getting old and using social security is weird. That's the point of social security. It won't be too long before us millennials are the "reason" for failing social security or social security like programs.
2 |
These boomers need to pick themselves up by the bootstraps and not depend on entitlements
29 |
That is not the reason, Reagan dipped in to ss back in the 80 and never paid it back
9 |
There are three main reasons FICA went from just over 4% 1970 to 6.2% in 1992. The last thirty two years it has not even increased .1% The second is the cap has not significantly increased enough. Third, 15 years ago we had around 3.3 workers for every beneficiary. Today it’s around 2.9
1 |
Tax the rich......
9 |
Raise the salary limit where Social Security is no longer taken out. It should be up to at least $500,000, and $1,000,000 would be even better.
25 |
This doesn't add up at all, in 1960 the US population was 180.7 million, it is now 331.9 million, it has almost doubled. Are the 150 million extra people (of them the working age) unable to work. If anything you should be able to increase the pension beyond inflation.
1 |
I didn’t understand this entirely — if boomers were a large working population and created social security surplus, why can’t they also withdraw more than other generation.
In other words, why is ss system so dependent on the size of a generation? The general idea, I thought, was a large generation would pay more taxes and when it retires, will withdraw more as well.
8 |
STRAIGHT UP PONZI
21 |
If there aren't enough human workers to pay into it, the self checkouts and other automation machines can pay it.
|
Wait. Did you catch what she said? The social security reserve was operating at an excess, so they INVESTED that excess. Typically when one invests, they earn interest on that investment. What happened to THAT?
1 |
@KevinRees-h7u
8 months ago
And the rich stopped contributing. That little snag always seems to be overlooked.
126 |