Sam Seder
@TheMajorityReport·2M subscribers·30.1K videos
Social Security Doing Better Than Expected
Posted
May 19, 2024
Views
4,946
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363
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66
Engagement
8.67%
May 19, 2024
4,946
363
66
8.67%
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26:05Now PlayingLive-streamed on May 14, 2024
Teresa Ghilarducci, director of the Schwartz Center for Economic Policy Analysis (SCEPA) at The New School, discusses her recent book Work, Retire, Repeat: The Uncertainty of Retirement in the New Economy.
Teresa Ghilarducci, dives right into the recent report on Social Security trust’s longevity, and unpacking the myths of the US’ supposed “retirement crisis,” before exploring why the incredible low-end wage growth and robust employment of the post-2020 US economy has proven to be the best formula for funding any retirement system. Next, Ghilarducci steps back as she, Sam, and Emma walk through the primary issue facing Social Security’s funding: the $168k income cap. Teresa parses through how this cap cuts off vast quantities of income in the US from the reaches of Social Security, with folks like Elon Musk covering their yearly payment before January 1st is half over, the additional source of income of capital gains revenue that remains untouched by Social Security, and the minimal impact that eliminating either of these restrictions would have on economic activity. After an extensive conversation on the shift in US retirement from defined benefit plans to defined contribution plans, how that change shifted the risk on the shoulders of the employees, and why employers have such a drastically better capacity to handle said risk, Ghilarducci tackles the false narrative around the state of retirement age and labor in the US, and wraps up with the central elements of her “Grey New Deal” plan to reaffirm the value of the US labor force.
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