Comments by "michael" (@michaeld4861) on "How the US Is Destroying Young People’s Future | Scott Galloway | TED" video.

  1. A lot of his points are great but his point about social security is deranged. Social security is NOT responsible for transferring wealth from the young to the old. A large number of boomers have no retirement savings and were wiped out by the many economic disasters such as 2008 and outsourcing jobs. And there's a cap on both the amount taxed (that rich people have to pay in) and the amount paid out. So Bill Gates is not making $4 million a month from social security. The reason social security is so great is that it is universal and there are no disqualifiers so nobody can claim it is unfair. And even if you wanted to take it away from rich people that don't need it it would literally cost more money to set up the bureaucracy to means test it than it currently costs to just pay out the money! We do need to remove the tax cap though so that rich people are still contributing to it after the first $128K of their income (and capital gains shouldn't be exempt either). And social security cannot bankrupt the country since it is literally paid for by taxes so unless we stop paying into it via taxes then it will be fine and if we get rid of the tax cap as I stated above then it will be fully funded forever.
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