Joe Pinsker
speaker
1,247 appearances
30 recordings
1 series
first heard Oct 2022
last heard Jan 2025
Joe Pinsker’s voice in public audio — every appearance, attributed to the second.
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Appearances
Is Social Security going to run out of money?
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No.
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Are Social Security's trust funds going to run out of money?
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They might if the government doesn't take action.
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Last year, workers in the U.S.
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paid about $1.23 trillion into Social Security, and that was in the form of payroll taxes, which should sound familiar to just about anyone who does paid work in this country.
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The program paid out about $1.38 trillion in overall benefits, so more than it took in in taxes.
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But that's the gap that government reports have been warning about for a while.
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It's paying out more than it's taking in.
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Well, there are a couple things going on here.
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One of them is just some really long-term doubts about Social Security.
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They're about as old as the program itself, I guess you could say.
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Like, if you look back at the 1930s when Social Security was created—
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There was actually a Republican presidential candidate, Alf Landon, who was sowing doubt about the program even before like the first monthly checks went out.
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So that sort of skepticism about the program that you can't really bank on it being there when you need it, that's been around for a while.
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More recently, you have now decades of government warnings that the program's trust funds are going to run out of money.
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Many people mistakenly take that to mean that the program as a whole will run out of money when really it's just one part of its funding.
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In some ways, it's similar to the past, but I'd say that some of the things that distinguish young people's feelings today are a general lack of trust in institutions.
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And so they don't really have that much faith that the government is going to do what's needed to shore up the program's finances.
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Younger workers today, especially millennials, there's this generational component where people feel frustrated because they feel like older generations are getting something they won't.
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Showing 341–360 of 1,247 · page 18 of 63
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