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Episode 916: Social Security Insecurity in 2032

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Content provided by Gingrich 360. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Gingrich 360 or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://podcastplayer.com/legal.

Newt talks with Andrew Biggs, senior fellow at the American Enterprise Institute, about the perceived retirement crisis in the United States, arguing that the U.S. retirement system is performing well compared to other developed countries. He highlights that the typical U.S. senior is among the wealthiest globally. Biggs, who has worked on Social Security reform for over 20 years, notes that while surveys indicate a widespread belief in a retirement crisis, actual retirees report financial stability, with only 4% describing their situation as a crisis. Biggs advocates for a reevaluation of Social Security, proposing a shift from focusing solely on solvency to considering structural reforms that better align with current economic realities. He warns that without reform, the Social Security Trust Fund is projected to run out by 2032, necessitating either significant tax increases or benefit cuts. He suggests that a special commission could facilitate necessary reforms, as the regular political process may be inadequate to address the issue effectively.

See omnystudio.com/listener for privacy information.

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926 episodes

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iconShare
 
Manage episode 521932979 series 2622042
Content provided by Gingrich 360. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Gingrich 360 or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://podcastplayer.com/legal.

Newt talks with Andrew Biggs, senior fellow at the American Enterprise Institute, about the perceived retirement crisis in the United States, arguing that the U.S. retirement system is performing well compared to other developed countries. He highlights that the typical U.S. senior is among the wealthiest globally. Biggs, who has worked on Social Security reform for over 20 years, notes that while surveys indicate a widespread belief in a retirement crisis, actual retirees report financial stability, with only 4% describing their situation as a crisis. Biggs advocates for a reevaluation of Social Security, proposing a shift from focusing solely on solvency to considering structural reforms that better align with current economic realities. He warns that without reform, the Social Security Trust Fund is projected to run out by 2032, necessitating either significant tax increases or benefit cuts. He suggests that a special commission could facilitate necessary reforms, as the regular political process may be inadequate to address the issue effectively.

See omnystudio.com/listener for privacy information.

  continue reading

926 episodes

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