3337 - Social Security: You've Been Lied To w/ Teresa Ghilarducci

The Majority Report with Sam Seder

Happy Monday! Sam & Emma host Teresa Ghilarducci, director of the Schwartz Center for Economic Policy Analysis (SCEPA) at The New School, to discuss her recent book Work, Retire, Repeat: The Uncertainty of Retirement in the New Economy. First, Sam and Emma run through updates on the State Department’s Leahy Law report, the contradictory evacuation orders coming out of Gaza, internal dissent in the Biden Administration, Trump-Biden polling, Trump’s legal woes, Katie Britt, labor action, and Nancy Mace, also diving into the Biden Administration’s changing position on Israel’s war. Teresa Ghilarducci then joins, diving right into the recent report on Social Security trust’s longevity, and unpacking the myths of the US’ supposed “retirement crisis,” before exploring why the incredible low-end wage growth and robust employment of the post-2020 US economy has proven to be the best formula for funding any retirement system. Next, Ghilarducci steps back as she, Sam, and Emma walk through the primary issue facing Social Security’s funding: the $168k income cap. Teresa parses through how this cap cuts off vast quantities of income in the US from the reaches of Social Security, with folks like Elon Musk covering their yearly payment before January 1st is half over, the additional source of income of capital gains revenue that remains untouched by Social Security, and the minimal impact that eliminating either of these restrictions would have on economic activity. After an extensive conversation on the shift in US retirement from defined benefit plans to defined contribution plans, how that change shifted the risk on the shoulders of the employees, and why employers have such a drastically better capacity to handle said risk, Ghilarducci tackles the false narrative around the state of retirement age and labor in the US, and wraps up with the central elements of her “Grey New Deal” plan to reaffirm the value of the US labor force.

And in the Fun Half: Sam and Emma discuss the gaping Candace Owens-sized hole in the Daily Wire’s newest production, Lindsay Graham discusses nuking Gaza, and watch a Zionist Joe Scarborough get put in his place by his father-in-law over the Oslo Accords. They also watch Kowalski from Nebraska discuss his Senate campaign live on KETV, tackle Trump’s return to his roots (lying about his crowd size), and listen to Tim Pool discuss the negatives (calls the Bible antisemitic) and positives (calls the Quran antisemitic) of the US’ new Antisemitism bill, plus, your calls and IMs!

Check out Teresa's book here: https://press.uchicago.edu/ucp/books/book/chicago/W/bo212888995.html

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