Official Congressional Record
Mr. President, I want to talk about a subject people just love to talk about. I have come to the floor to talk about a big scam in our country. It is happening in broad daylight before our very eyes. Politicians here in Washington know what is going on, but they refuse to speak about it. They are too worried about getting reelected in most cases, and they think telling the truth about the scam will hurt their chances of staying in power. Well, here is the sad truth: For decades now, the American people have paid into Social Security each month without having any idea if they will ever see a cent of the money they put in. Since being signed into law in 1935 by Franklin Delano Roosevelt, our great President, Americans' money has been going in the front door of the Federal Government and then going right out the back door. Your dollar doesn't grow, and it doesn't come back to you or your children. It is a big, gigantic, blown-up Ponzi scheme, and the last time I looked, people who do Ponzi schemes usually go to jail. Every American is forced to participate in it. You have no choice. You don't have a say in the matter. Whether you are 17 or 67, more than 6 percent of your paycheck is taken out by the Federal Government to pay for Social Security--your so-called retirement. That might not seem like a lot, but to millions of Americans struggling to live paycheck to paycheck, that 6 percent is a huge sacrifice. Americans have been paying into this program for years, only to see a fraction of what they have been promised. It really makes you wonder how this government-approved Ponzi scheme is legal. The truth is that this ``retirement savings'' program is 100 percent broke. It is absolutely broke, just like our Federal Government--$40 trillion in debt. The Social Security trust fund is projected to run out of its reserve money in 2032--just a few years from now. You know, when these funds are depleted, senior citizens could see a cut in their monthly check up to 22 to 25 percent of their benefits. On average, that is $500 a month. You know, if the Federal Government were to try to save the program, it would most likely mean that your taxes would skyrocket. Mr. President, 38 percent of mandatory spending within the Federal budget annually goes toward the failing Social Security Program. Yes, the money you send up here, 38 percent a year goes to Social Security-- not the money that you already sent because, guess what, it has been sent and it has been spent and scammed out of our system. It is not there. In other words, almost $1.6 trillion every year of your taxpayer dollars is being spent on a program that is currently scheduled to go bankrupt in 6 years. So basically, the money you send up here has been spent and now is nowhere to be found. The Social Security Program is the single largest program we are wasting our tax dollars on--the biggest. It is a mind-boggling program to say the least, but don't worry, it gets worse. After decades of having Social Security taken out, millions of Americans have to pay taxes when they go to collect their Social Security. Yep, you heard exactly right. After you pay taxes and you put it in there for savings for many years and you get it back, guess what--you have to pay taxes on it now because our former President and former Senator, Mr. Joe Biden, when he was a Senator in 1983, got the great idea of, let's tax Social Security. What a scam. Depending on which tax bracket you are in, between 50 percent to 85 percent of your benefits can be taxed by the Federal Government. Last year, I introduced the Senior Citizens Tax Elimination Act to stop the unjust double tax on Social Security benefits. Thankfully, the One Big Beautiful Bill included senior deductions that significantly reduce Federal taxes for the majority of retirees. Thank goodness. In a day and age where the cost of living is skyrocketing, our seniors should not experience a second tax on their Social Security when they have already paid tax on that money. If we must keep this outdated program, the least we can do is to ensure that senior citizens don't get slapped with a double tax. Despite what millions of Americans have been tricked into believing, it turns out that paying into Social Security does not entitle you to a fixed pot of money. Everybody thinks: We are going to pay in, and I am going to get a lot of money in the end. The sad reality is that many Americans won't see a cent of the money that they paid into Social Security. Basically, Social Security is just, folks, another tax--a tax on both employees and employers since most companies have to match the 6 percent that their employees are forced to pay out of their paychecks. Yeah, they double the tax. This is socialism. It is highway robbery. And for the last 60 years, we have known this program was going under, but no one up here has been willing to fix it. In fact, Social Security is known as the third rail of politics that no one up here is allowed to talk about. Don't talk about Social Security because we don't have a solution, and we might lose our jobs. In fact, Social Security is known as that third rail because nobody will touch it. It is taboo to talk about Social Security. But my question is: Why? Why is that? We work for the people. We work for the taxpayers. We have known this program was going bankrupt for years. It has been a disaster since day one. When millions of Americans are going to reach retirement age soon, we had better look out. They are expecting to get their money. They are expecting to get the money that they paid into Social Security for years. They are going to get screwed over with nothing left, and this is going to be a serious problem. The Social Security scam doesn't stop there. As you know, Joe Biden welcomed tens of millions of illegals into this country with open arms. They said that our borders are closed. Yep, after they let 20 million people in that shouldn't be here. These aren't nice people either, most of them. Many of them are rapists, murderers, drug lords, and gang members. Well, it turns out, the Biden administration and Alejandro Mayorkas, our great Homeland Security Director, they weren't just letting these illegals into our country without vetting them; they were handing them Social Security and Medicaid benefits as they were coming into the door. Welcome to the United States of America. We are broke, but we are going to give you money. We are going to give you a Social Security number. It is no wonder we are broke. While millions of Americans will never see the Social Security benefits that they worked hard to pay into throughout their career, illegals, they are getting money. They are getting rich off the money that Joe Biden said that they could have. It is disgusting, but it is not surprising. This is our Federal Government. So why aren't we allowed to talk about it? It is almost like the system was set up to fail from the get-go. I caught a lot of flak when I brought this up in a hearing just a few years ago. What is this guy talking about? We are going to get Social Security. Yep. If you believe that, I got beach land I will sell you out in Arizona. If every single American had invested the money that they are forced to pay in Social Security each month into a stock--if they had done that, they would have gotten 10 times the money that they put in, if it was just invested in the stock market. But do you know where it was invested in? Most people don't know this. Your money, when it comes here, is put into Treasury bonds that have very low returns--very, very low--not even close to anything that you would ever invest in yourself. That is where your money goes. Don't be naive. The reason Social Security is invested in bonds is because it is being used to basically prop up the Federal Government. We are broke. We don't have any money. Please send more. Can we raise the Social Security tax and just tell them they are going to get more money at the end? Folks, it is a scam. If this money had been invested in the stock market, again, you would have had 10 to 15 times more money. It is embarrassing, but apparently we are not supposed to bring that up. To his credit, President George Bush tried to save Social Security in 2000. He tried to privatize a lot of this money. If we had just done that--if this body in here would have just said: OK, we know we screwed it up for 40 years. Let's go ahead and do it. Let's get out of this jam. They didn't want any part of it because they wanted to steal the rest of the money, and that is exactly what is going on. He suggested that younger workers divert their portion--young workers divert their portion--to a money market account that would pay for theirs in the future and ours today, those of us that are close to the Social Security. But, of course, the DC swamp up here, they shut that down fast: Let's don't talk about Social Security. It is taboo. It is a dang shame. The program might not be on the verge of bankruptcy today if they had just invested part of the young people's money into the market. But you have to remember, the government relies on your money for their slush fund. The Federal Government stopped working in your best interest a long, long time ago. The average taxpayer earning the median wage is paying approximately $3,500 to $4,500 annually into the Social Security Program. Over a 40-year work period, that is around $140,000 to $180,000. That could have gone toward a 401(k), and you would have had money to retire on. People would be seeing much greater returns. We had better start figuring this out, folks. We had better start figuring it out. This group up here, a lot of them say: I am going to be gone. I won't have to worry about it. Somebody is going to pay the price. It won't be long until people will be coming right around this building going: Where is my money? Do you remember January 6? Yep. January 6 was a pretty bad day. I was here. I sat right over there. It was my very first day here. I was thinking: What a disaster I have gotten into. Well, if you start telling people, ``You are not getting your Social Security money,'' it is going to get ugly. And I don't blame them--not one bit. We are $40 trillion in debt. There is no sign of it slowing down. The bottom line is we need to get bureaucrats and politicians out of this mess, stop the Social Security scam, let people really know what is going on, and give the money back to the people. We need to make sure Americans get what they were promised, or we need to come up with an alternative solution that would allow Americans to make their own retirement investments. Give them their money, or let's put it in a money market account. The stock market is booming. It is far past time Washington, DC, starts working for the people that we are supposed to represent. What a thought. That is mind- boggling, isn't it? Why would we do that? We work for ourselves up here. We don't work for the people. It is ridiculous. It is a scam. Not for special interests. Not for career politicians entrenched in bureaucracy or for Washington elite pet projects. Instead of spending money we don't have on things we don't need, why don't we put the money back into the American people's pockets and tell them the damn truth: We stole your money, but we are going to try to get your money back. Not only is it in America's best interest to do this; it is the right thing to do. I yield the floor. The PRESIDING OFFICER (Mr. Moreno). The Senator from Delaware.
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