Republicans TERRIFIED As Social Security SECRET Goes Public!

Added: 2026-05-30

[00:00:00]Republicans have spent years trying to convince Americans that Social Security is insolvent without addressing the very simple steps that could be taken to fully fund it indefinitely. The billionaires are hollowing out the Social Security administration as an attack on our earned benefits. We've earned our Social Security. No one gave us anything. We are here at the Callispel Social Security Administration offices. were raising the alarm about ghost offices and their impact on Montana. This office has lost 20% of their staff. 20%. 10,000 baby boomers retiring every day and an office is supposed to be able to deliver worldclass service with 20% of their staff gone. It's lies. It's lies. This office is basically open in name only.

[00:00:53]And across this state, the average is 20% reduction in staff up to as high as 67%.

[00:01:00]Two offices are closed. You cannot go into them anymore. Right? This is what's happening. The ghost offices turn into closed offices. And it's all by design.

[00:01:11]The billionaires are hollowing out the Social Security administration as an attack on our earned benefits. We've earned our Social Security. No one gave us anything when it comes to social security. We pay for this building. We pay for the staff in that building. But the billionaires want to convince people that Social Security is broken, is going bankrupt, is going away. They want to wreck it so that they can rob it.

[00:01:40]>> Is it right that those making under $184,500, their effective payroll tax rate is roughly 12.4%.

[00:01:50]That's right. The statutory rate is 6.2% but consensus view is that the employee pays uh basically the the employer cost is passed on to the employee and so the employee basically faces a rate of 12.4% >> 12 for anybody earning $104,500.

[00:02:06]What is the effective payroll tax for someone making a million a year?

[00:02:10]>> So they would pay the 12.4% 4% on that first $185,000 roughly and then would not pay additional tax on the on labor income above that amount. And so that math would work out to about uh 2.2%.

[00:02:26]Okay. So 12.4% for someone under 1845.

[00:02:32]A millionaire would be about 2.2.

[00:02:35]What if you're a billionaire like Trump or Musk? your social security tax would be effectively on my understanding >> very very much smaller >> 0.00002 00002.

[00:02:45]>> Yes. That just doesn't make sense to me.

[00:02:48]And when the richest people in the country have the smallest effective tax rate, that does not seem to me like a very fair system. Especially when we are now 6 years away from retired workers facing this 24% cut.

[00:03:02]>> If you have these accounts like why are you investing it this way? How are you doing it? How can you understand the power of compound interest? And also at the end of the day that you know I'm not sure when the distribution level date should be whether should it be 30 and you can buy a house should it be 60 but in in a way it is a backdoor for privatizing social security like social security is a defined benefit plan paid out that you know to the extent that if all of a sudden these accounts grow and you have in the hundred hundreds of thousands of dollars for your retirement, then that that's a game changer.

[00:03:45]>> Conservatives in America for 50 years have been trying to do that. Have been trying to do social security personal accounts.

[00:03:53]Here's the dirty little secret. Trump accounts are social security personal accounts. Now, how did we get it done?

[00:04:02]You remember George W. Bush in his second term? He tried this fight and sadly Congress ran for the hills in a display of extraordinary cowardice. How did we get it done this time? Because we gave the money to babies and so the old people didn't get pissed.

[00:04:18]>> People here cap on social security benefits. People panic. Uh is this something the administration is actually considering?

[00:04:26]The president has committed to protect and preserve. And the agenda that we've run for the past year is to fortify every element of social security from how we serve the public, how we eliminate fraud, waste, and abuse. And that's what we've been working on.

[00:04:44]making social security more accessible, more secure, eliminating fraud, waste, and abuse, and delivering all-time best client service.

[00:04:56]>> I'm going to take that as a yes.

[00:04:58]>> Right now, Social Security is funded by the payroll tax, but only on the first $176,000 of income. It's so obviously absurd that Republicans go out of their way to not address it. It's obvious what the fix is. We just remove the cap, tax all of the income. On top of that, we shouldn't just take into account income.

[00:05:14]We should look at assets to stop billionaires claiming they work for the love of the game.

[00:05:18]>> You make a lot of money, do you?

[00:05:20]>> I make No, I paid enough for health insurance. I have no equity in OpenAI.

[00:05:24]>> Really? That's interesting. You need a lawyer.

[00:05:27]>> I need a what?

[00:05:28]>> You need a lawyer or an agent?

[00:05:30]>> I I'm doing this cuz I love it.

[00:05:31]>> Eliminating the cap would fully fund Social Security for the foreseeable future. That's it really. That's That's a fix. It's not complicated. It's not radical. We already know that it polls extremely well across party lines.

[00:05:42]Obviously, Republicans refuse to touch it. So instead, what we get is 50 years of manufactured crisis. Social Security is going broke. It's unsustainable. We need to raise the retirement age. We need to means test it. We need to phase it out entirely. Replace it with something private, I guess. All of which just happens to hurt the people who paid into it their entire lives and have nothing else to fall back on. For millions of Americans, Social Security is the difference between dignity and poverty and old age. Sometimes it's the difference between life and death. The people trying to dismantle it have never had to worry about how they'll put food on the table. And they don't even have enough humanity to understand what that means for other people. Billionaires will never choose to just do the right thing. And they're counting on people being too exhausted and beaten down to fight back. We have to prove them wrong.