On Hannity, Dietl promoted Social Security falsehood
SUMMARY: On Hannity, Bo Dietl falsely asserted that "[t]en years from now" there will be only two workers for each Social Security beneficiary. He added, "The problem is there's going to be bankruptcy in Social Security and then the pension system." In fact, the 2008 Social Security trustee's report estimates that the ratio will fall from more than 3 workers for every beneficiary to a 2.2 ratio by 2030, not in "[t]en years." Furthermore, Social Security will be able to pay full benefits until 2041, at which point it will be able to cover 78 percent of benefits if no legislative changes are made.
During the February 23 edition of Hannity, Fox News contributor and private investigator Richard "Bo" Dietl falsely asserted that "[t]en years from now" there will be only two workers for each Social Security beneficiary. Dietl added, "The problem is there's going to be bankruptcy in Social Security and then the pension system." Host Sean Hannity then said, "All right. That raises one last question. That -- the Social Security bankrupt, Medicare bankrupt -- why do people put their hope that government's going to solve this and health care on top of it?" In fact, the 2008 Social Security trustee's report estimates that the current ratio will fall from more than 3 workers for every beneficiary to a 2.2 ratio in 2030, not that the ratio will be "two to one" "[t]en years from now." Furthermore, the Social Security trustees have projected that in the absence of a change in the law, Social Security will be able to pay full benefits until 2041, after which it will be able to cover between 78 and 75 percent of scheduled benefits through the end of the 75-year period covered by their 2008 long-range projection.
As Media Matters for America has noted, the 2008 Social Security trustees' report explained that "[e]ven if a trust fund's assets are exhausted ... tax income will continue to flow into the fund" and Social Security will be able to pay full benefits until 2041, at which point it will be able to cover 78 percent of benefits if no legislative changes are made:
Redemption of trust fund assets will allow continuation of full benefit payments on a timely basis until 2041, when the trust funds are projected to become exhausted. This redemption process will require a flow of cash from the General Fund of the Treasury. Pressures on the Federal Budget will thus emerge well before 2041. Even if a trust fund's assets are exhausted, however, tax income will continue to flow into the fund. Present tax rates are projected to be sufficient to pay 78 percent of scheduled benefits after trust fund exhaustion in 2041 and 75 percent of scheduled benefits in 2082.
As Media Matters has documented, in previous cable news appearances, Dietl has referred to Arabs by such names as "Aba Dabba Doos," "Ali Baba Boo," and "Aba Daba Dah." He has also said law enforcement officials should "[g]o into your 7-Elevens or go into one of these stores that keep rotating young men who are Muslims," and say "identify yourself."
From the February 23 edition of Fox News' Hannity:
ROBERT EHRLICH JR. (former Maryland governor): If they don't buy our debt, Sean, there's only one alternative, two alternatives: Raise taxes big time or print money. And print money -- we know what that leads to. We've seen that in the past.
HANNITY: Well, we got stagflation coming because --
EHRLICH: Absolutely. That's --
HANNITY: -- we're going to have high unemployment, high inflation, stagflation.
DIETL: And your other shoe's dropping very fast. You know what your big shoe's going to be? Your public pension funds. All your pension funds all are out there, and then the Social Security that we have in this country --
HANNITY: Bankrupt.
DIETL: Social Security was formulated after the Great Depression. It wasn't supposed to be pension. There were 15 people working to every one retired; now, it's three to one --
HANNITY: That's true.
DIETL: Ten years from now it's going to be two to one. The problem is there's going to be bankruptcy in Social Security and then the pension system.
HANNITY: All right. That raises one last question. That -- the Social Security bankrupt, Medicare bankrupt -- why do people put their hope that government's going to solve this and health care on top of it, Alicia?
ALICIA MENENDEZ (Democratic strategist): Because some of us are true believers. And we believe that if we actually stayed on one course, pursued one objective, we'd actually be able to get something done --
HANNITY: True believers.
MENENDEZ: -- instead of all the partisan bickering that we do.
HANNITY: All right. Repeat after me. Yes, we can. Change, change, change.
Because Hannity says he is . LOL
Honestly, there are waaaay too many varibles to make any precise pr accurate estimates about the future of Soc Security. You have to make assumptions about:
Population Growth, Economic Growth (both in average Salary and Return on funds invested), Inflation, Average Retirement age, Average Life Expectency, Immigration, Disability Rates, Health Care Costs, (just to name a few)...
And since were talking about 100's of Millions of people, and $100's of Billions of dollars, a 2-3% change in 1 or more of those variables can have a HUGE impact of the end result. Not to mention that the variables are NOT completely independant of one another - population growth affects Economic factors (both production and cost.) Economic factors affect retirement age. Everything impacts life expectancy, ect...
There is probably no more difficult and complex a prediction to make than those relating to Social Security. Granted we've got to ere on the side of caution, but don't take ANYONE'S numbers on SS as fact. There are a TON of assumptions that have to go into those calculations. These aren't guesses - they're based on past data - but they are predictions. And they are not perfect.
Honestly, there are waaaay too many varibles to make any precise pr accurate estimates about the future of Soc Security. You have to make assumptions about:
Correct. Which means that MMFA's promotion of it as a healthy, solvent and virtuous program is Bull$&@%
The 38-ear time frame is based on the most pessimistic scenarios the predictors could come up with: no productivity growth, minimal expansion in the work force, increasing longevity. Almost any variation in the scenario extends the life of the fund. THe most likely productivity increase (based on history up until now) has the fund lasting indefinitwely.
And of course, if there aren't enough workers to support retirees, we can always open the gates and allow a few tens of millions of Mexicans in.
Problem solved!
Which means that Cheney2012s promotion of it as an unhealthy, insolvent and non-virtuous program is Bull$&@%
Who is this clown? I remember seeing him on the Imus Show. I think I even saw him in a B movie once. He apparently is another one of those "celebrities" who is famous for being famous.
Why does anybody care what he thinks about anything?
Bo Dietlel is a clown, he made many hateful statements when Imus was on MSNBC documented here on MMFA. He is a friend of Hannity also. A former NY Detective and now private investigator.
http://mediamatters.org/items/200507260001?f=s_search
He got his start as "the object of ridicule" on The Daily Show. They interviewed him as a terror "expert". He mispronounced Des Moines and used the F-word in every sentence he spoke.
This expert says Social Security was not designed to be a pension program?
Just what the heck was it designed for?
A safety net.
Bo knows crap. And who will be the first to blame any Social Security problems on Obama? I'll take D.A. Rush.
If you have inside knowledge please advise.
Benefits will have to be reduced. I don't see it any other way.
There's currently a cap on the payroll tax. Getting rid of it--taxing all income instead of the first $90,000--will solve the problem.
When it occurs 40 years from now.
In the worst case scenario.
You want to wait 40 years to make a correction? Why not in the next five years when the correction doesn't need to be as great?
Under your scenario maybe...I'll say they will increase. Neither of us are wrong.
Besides, why should I worry. Dems will still be in charge and will vote that Republicans don't get any money. But we will give a tax break to all retired Republicans if between now and then, 10 of them vote yes on any bill. Not even at one time..just 10 between now and 2040
Thank you for your generosity.
God help us all if we're gonna be confined by the constraints of what you can "see", brucie.
Get yourself some new talking points, little fella.
Bo, another peep out of you and you will be considered one of the dumbest people on Hannity.
name three people who go on the Mannity Show that are smart
And at that point, the mannity cuts to a commercial for his "good friends down at Stanford Gold and Bullion" and proceeds to lose all credibility.
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Not sure what I did here. I'll check, but one of these may be OT.
Its the middle one.
This one?
Yup. Looks a lot like mine, though with mine it would be,"Try to take my bunny and pull back a bloody stump."
These two racist do not have a brain between them...People that continue to repeat things that have been a losing formula for the last two elections are insane! Keep up the good work Shameless Hannity!