here
washington seattle
shall i want to uh... point out
basically ah...
there there there is rated increase call for raising familiar the uh... soc gary
benefit
and more attention is being paid
the idea of bringing more people into a medicare
uh... steven brill who interviewed on this program
two weeks ago i guess it was
had a very big important piece in time magazine
which uh... alternately essentially those in the pc doesn't conclude
that we should adopt a single-payer system essentially medicare for all
subsequent to the p_c_r_ came out in favor of it
and he is certainly uh... not someone who is ideologically to predisposed
towards something like that
but it is extremely a rational option
uh... as acclaimed uh... last week
wrote about the
extraordinary failure of the four o_ one k_ plans and and we've seen too much of
that uh...
entrails wrote about it and u_s_a_ today
so almost a month ago now and uh... more more people than
headed recognizing that fact in nineteen eighty
forty percent private-sector workers had a guaranteed pension
by two thousand six that had fallen to fifteen percent
today the four o_ one k_ reigns supreme with the trajectory that's almost a
proviso precise rivers
of guaranteeing pensions
seventy nine seventeen percent at a four oh one k_ today forty two percent to
the problem is
in two thousand ted
seventy point five percent of workers nearing retirement had less than thirty
grand in their four oh one k_
i don't care how low your expenses are
that's nothing
sixty percent of low-income households are rescued being able unable to
maintain
they're already modest living standards in retirement
that includes social security
before any soc kerti cuts
we've all heard about the three-legged stools soc purity
your pension
which in this day and age means a four oh one k_
and savings well third households don't have savings account at all
zero
more than forty percent don't have enough to cover basic expenses if they
lost their main source of income
in fact
people's savings are so strapped particularly after the financial crisis
in twenty ten
contributions to defined contribution pensions that's
four oh one k_ to any type of pension where
how much money you put in
is a set number in guaranteed but how much money you get out
is essentially a wave of the market
contributions to defined contribution pensions total budget and seventy-six
billion
early withdrawals
which of course reveille pakad carrying out a penalties
and are a function of those savings
totaled sixty billion
almost one-third
i said these uh... data points over and over again
but over fifty percent
over sixty percent of americans realize on so security for over fifty percent
of their income in retirement
for thirty thirty seven percent of americans over the age of sixty-five
soc security
represents
all of their income
on average
and probably a little bit less than fourteen thousand dollars a year for
those people
eighty percent of the income for seniors in the bottom half of the income
distribution that so much and
to provide
and then when you're in that next ah...
quintile
of americans
it's about sixty percent
social security is hugely important
and there's every reason right now to increase benefits we are facing a
retirement disaster in this country
and
the idea that you can cut back i'm so scared it will not impact sudeep courses
joke
because someone's going to pay for these seniors
and it will more than likely in the some instances be their family members
so it is essentially a large tax
i mean what we're looking at what we cut so security as opposed to raising uh...
out save the ah... the cap
it's more simply
we're simply uh... putting the cost haunted the viduals
we're simply privatizing more of the responsibility
it's the same what we cut medicare
we're simply privatizing more the responsibility
and
who is that benefit
it benefits only one called cohort in society
only one
and that is the rich
because they don't want
any part of their income to be redistribute
that's what it comes down to it
so freedom
for that small group of people
we're talking about
people in the top ten fifteen percent to because i'm including anybody who makes
wages over a hundred and ten thousand dollars a year
twenty percent
freedom for them
needs basically lower taxes
freedom for them means
that eighty percent of
the population will live in some form
uh... of poverty
or some type of financial directs
aural what the freedom to just get it all and not be able to afford it and
medical care
that's what freedom means in that context
out