Prof G wants to end Social Security benefits for up to a third of seniors because they 'don't need it'

The New York University (NYU) professor, who is known for his arguable takes, said successful an occurrence of his podcast that "somewhere betwixt 10% and 30% of radical who get Social Security close present should not person it. Because they don’t request it."

He said, "I'll spell arsenic precocious arsenic a 3rd of elder citizens should not beryllium getting Social Security."

Galloway suggests this not conscionable arsenic a mode to trim economical inequality successful the U.S., but besides arsenic a imaginable solution to cuts costs successful a programme that faces insolvency issues owed to shifting demographics. Without immoderate reform, the Social Security spot funds volition beryllium depleted by 2035. Benefits for each would beryllium automatically chopped astatine that constituent by 17%.

Here’s wherefore Galloway thinks superior betterment and melodramatic payment cuts are required.

Galloway described American seniors arsenic “the wealthiest procreation successful the past of this planet.”

“The information that each twelvemonth we impact a $1.2 trillion transportation from young people, who are not doing arsenic good arsenic they person successful past generations, to the wealthiest procreation successful past means thing is wrong,” said the professor.

What Galloway is perchance referring to is the full benefits distributed to retired workers and their dependents each year. This radical accounts for astir 80% of full benefits paid, which is expected to beryllium astir $1.6 trillion successful 2025.

Gen Z and millennials are struggling with debt, outgo of surviving and stagnant wages, and payroll taxes makes up astir of the program's revenue. Eliminating benefits for the apical 10% oregon 30% of wealthiest retirees, according to Galloway, could code immoderate of the wealthiness imbalance and trim the load connected young workers.

"I deliberation the crushed they telephone it the Social Security tax, not the Social Security pension money is I don't deliberation you oregon maine person rights to Social Security erstwhile we deed 65," helium said. "The conception that I paid into it, I should get my wealth back, really the bulk of radical instrumentality retired mode much than they really enactment in."