Peter Schiff
speaker
879 appearances
1 recordings
1 series
first heard Jul 2026
last heard 23 Jul
Peter Schiff’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.
Appearances
Yeah, but the money that they're getting in these so-called accounts is less than what they're paying in Social Security taxes.
So they're still worse off.
Well, I guess when they're one and two or three.
Or 16, 17.
Yeah, but when they start working, they start paying the payroll tax if they start to work.
The problem is the government created this Ponzi scheme in the first place and lied to people and claimed that it was some kind of insurance program and that they were establishing these trust funds and that out of the trust funds, the benefits would be paid when the trust funds were a scam.
In fact, you said they're running out of money.
They ran out of money a long time ago.
They never had any money.
The minute they got money, the government took it and just deposited its own IOU.
That was the other problem, is they should have put it in the equity market rather than the bond market.
Well, yeah, or they should have bought German bonds or somebody else, not their own bonds, but they loaned the money to themselves.
Genius!
But the problem is...
Right now, this is not, you know, because for many, many years, the government collected more in Social Security taxes than it paid on benefits.
And so that's what built up the so-called trust fund, because the government took the excess and loaned it to itself.
But what's been happening now, you know, since even before COVID, the current
Social Security payroll taxes don't cover the obligations today of the recipients.
And so what the Social Security Trust Fund is doing is selling government bonds to cover the shortfall.
Well, even if those trust funds didn't exist,
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