Is Social Security a Ponzi scheme as Republican Presidential candidate Rick Perry claims? Noted author and former US Labor Secretary Robert Reich debunks that claim and five other lies the right-wing tells about taxes, government and the economy. The lies Reich debunks: 1) Tax cuts to the rich and corporations trickle down to the rest of us. (No it doesn’t and it never has.) 2) If you shrink government you create jobs. (No, you get rid of jobs that way.) 3) High taxes on the rich hurts the economy. (No, the economy grew when the US did this under Eisenhower.) 4) Debt is to be avoided and it is mostly caused by Medicare. (No, if debt is properly used to grow the economy, it becomes a smaller part of the budget because of increased revenue and Medicare has the lowest overhead of any health insurance plan out there.) 5) Social Security is a Ponzi scheme (No, its solid for 26 years. Social Security is solid beyond that if the rich pay the same percentage in social security taxes as the rest of us do.) 6) We need to tax the poor. (This is what Republicans have been proposing when they say any “tax reform” needs to involve all Americans because poor people pay no income tax. The poor have no money and taxing them will not solve our budget problems.) Reich was speaking at the “Summit For A Fair Economy” in Minneapolis, Minnesota on September 10, 2011.
Video Rating: 4 / 5
kdeezo326
February 7, 2012 at 11:50 pm
@triox64 Function properly with all the enforcements? I beg to differ. These companies function just fine with all the regulations. It’s just harder for them to take advantage of the average person who does know any better. And regulation makes it harder for these companies to scam local, state, or goverment funding. Just think, if it wasn’t for some of these crooked business there wouldn’t be a need for so much regulation now would there? Overregulated…says who… .
triox64
February 8, 2012 at 12:39 am
I find him to be missing the point of shrinking government. It is not remove public works but to shrink the size of government on a federal level that deals with regulations. Many things the government places regulatory actions on become over regulated and many companies either go out of business or have to move overseas because they cannot function properly with all the enforcements
hapz3000
February 8, 2012 at 1:15 am
@RiverwaIker i dont know he says your the liar and you pop up from under a rock and say he lies…maybe you would break down some details about this video if you were telling the truth
RiverwaIker
February 8, 2012 at 1:37 am
MoveOn…nothing here except more socialist lies.
rojasrod
February 8, 2012 at 2:30 am
for a serious refutation of Mr Reich’s statements: lfb.org/today/seven-lies/
elementalfascination
February 8, 2012 at 3:21 am
Heres a man who has seen the stats, felt from the top, the change in policies and the effect on equality throughout the nation. Common sense would grasp that taxing say, 30,000 at 26%, vs the lowered taxing of 2-20-30 million + at 10-15%, is where 15-30% of debt or the decline of economy minimum, stems. All those tax dollars suddenly not circulating to roads schools, paychecks…Why so much rich while the number of poor increases? America IS taxes (communal), and bad tax codes drain us dry. duh.
luvitluvitbaby
February 8, 2012 at 3:51 am
@DoovieMIK Yeah…some people can’t stand the truth. What can I say?
DoovieMIK
February 8, 2012 at 4:07 am
@luvitluvitbaby I love that you pointed out everything that the other commenter was saying was more accurate about him than you so, after making a comment about free speech SOMEONE marked your retort as spam 🙂
ArgentThug
February 8, 2012 at 4:46 am
@GammonAndSpinach 1. I never said people lost their jobs because they are lazy, they would be if they want to share other people’s wealth. 2. Enlighten me why they deserve my help? As an American, I have the freedom to choose to keep every penny I’ve earned and not to feed other people’s kids, even if they are struggling. From an economic perspective, what’s wrong with that? 3. The purpose of the government is to protect my freedom and my property rights, nothing less, nothing more.
GammonAndSpinach
February 8, 2012 at 5:14 am
@ArgentThug Unemployment is pretty high . . . all those people who lost their jobs in the recession, they’re not working because they’re lazy? They don’t need or deserve your help? You don’t want to help feed their kids with your tax money, because you might have to work a little harder? So who’s lazy now?
ArgentThug
February 8, 2012 at 5:41 am
A room full of people who are brain dead.
ArgentThug
February 8, 2012 at 6:23 am
Robet Reich is the biggest moron on TV nowadays. I don’t want to work too and the government can feed me with other people’s tax money, there is your American dream.
GovernMentalFreedom
February 8, 2012 at 6:44 am
Is the republican party bigger than WE THE PEOPLE? It they can tell you who is unelectable before people have a say they must be. IF YOU DON’T KNOW TO VOTE FOR RON PAUL PLEASE DO OUR CHILDREN A FAVOR AND DON’T VOTE.
constantinerex1
February 8, 2012 at 6:51 am
Isn’t that just like a conservative? Make a broad statement with nothing whatsoever to back it up.
Brantloc
February 8, 2012 at 7:31 am
What a totally MORONIC video as all of his are!
Hodenkat
February 8, 2012 at 8:04 am
I still don’t see why anyone would disagree with Robert Reich on what’s happening to the US economy or how it’s destructive to democracy, yet there are a few who still do. I have to wonder if they aren’t protecting themselves against allowing others to achieve economic opportunity and better equality. Perhaps it’s the 1% revealing their identity.
WTFpidgeonNIPPLES4
February 8, 2012 at 9:03 am
Sigh the main problem here is financial illiteracy.
mikelgravez
February 8, 2012 at 10:00 am
Middle class making under $50,000 a year better take notice ASAP!
usvislandboy
February 8, 2012 at 10:48 am
This guy is mostly full of shit.
luvitluvitbaby
February 8, 2012 at 11:48 am
@QuantumBunk You wrote “It’s people like you who give democracy a bad name- idiots who simply use their right to free speech not because they’re educated or have anything intelligent to say, but simply because they have excess energy to burn off so they just let their mouths go for big long walks.”
What an articulate way to describe yourself. I didn’t know you had it in you! LOL!!!!
QuantumBunk
February 8, 2012 at 12:03 pm
@luvitluvitbaby You mainstream pile of rubbish.
QuantumBunk
February 8, 2012 at 12:04 pm
@luvitluvitbaby It’s people like you who give democracy a bad name- idiots who simply use their right to free speech not because they’re educated or have anything intelligent to say, but simply because they have excess energy to burn off so they just let their mouths go for big long walks.
luvitluvitbaby
February 8, 2012 at 12:57 pm
@QuantumBunk Wow what an astute retort lol! You are the one who sounds like a 3rd grader. I bet next you’re gonna break out the “yo mamma jokes” because the only way you can debate is by hurling insults. I’m not saying college is the only answer. Trade school is definitely an option, but to believe that college done the right way is a scam is stupid. People fail because they don’t research. They spend $50k on a bachelor’s degree in Philosophy and wonder why they can’t find work.
QuantumBunk
February 8, 2012 at 1:07 pm
@luvitluvitbaby Look, you don’t even know what you’re talking about. I’m not going to debate someone who’s a 3rd grade level of understanding of politics & U.S. History. Educated people regard your statement the way a college professor would regard a 4th graders wisdom. You have no idea what you’re talking about. Sorry. Go back & study for another 10 years & come back. You have no idea what you’re saying.
luvitluvitbaby
February 8, 2012 at 1:54 pm
@QuantumBunk You wrote “The golden age of America was before the Federal Reserve came into existence- pre 1915. Educations was 100 times better up to that point! IT WAS ALL PRIVATE!!”
Totally different era. That was the height of the industrial age. Back then you could buy a house, a car and support a family of 5 with no more than a 3rd grade education. Try doing that today, not happening! 60% of all new jobs require post high school training. Not mention we’re competing in a Global economy.