Ron Paul: No Need for Social Security in a Free Society

Ron Paul social security

May 3, 2016—For the latest Myth Busters! segment of the Liberty Report series, Dr. Ron Paul sat with Chris Rossini to refute some lingering myths regarding Social Security.

They begin the latest video segment by discussing President Barack Obama’s last promise, which sounded a lot like an idea coming straight from the Bernie Sanders campaign.

According to the president, “It is time we finally made Social Security more generous.” But when it comes to analyzing Social Security and its tie to retirement, Obama fails to note that the very concept of retirement is an idea artificially imposed by the government. To Dr. Paul, there’s something very strange about the disconnect, so he clarifies the matter to his viewers while also discussing Obama’s comments:

“Well, it happened to start, I remember it very well because I was born that same year, in 1935. So I came about at the same time Social Security’s come about.

But this idea that Obama says ‘well, we want to make it more generous,’ that’s sorta of like saying we’re going to make everybody rich because we’re going to mandate a higher minimum wage even though people produce $7 an hour, ‘we’re going to make sure they get $15 an hour!’ And lo and behold, everybody gets surprised, oh, unemployment! The employment rate goes down.

So this promise that Social Security will take care of everybody in our old age is a total myth because the government has nothing. ‘Oh well, we will collect it!’

But there was some sinister thinking going on back then because it was purely political, it was [in the] middle of the depression, 1935, people were hurting as a consequence of the government, as a consequence of the depression that the government caused with both inflation and all the mischief that they did so his was a good political tool, ‘we’ll give people substance so that they can live on.’ But they also said they wouldn’t get it until they were 65. Well, it just happened that back then, not as many people lived past 65 as they do today so the numbers have completely changed! So our population is getting much bigger and the young people getting jobs are not as plentiful so it turns out it is a Ponzi scheme but this idea that the government can take care of us and make us feel good about our retirement… I think retirement is very important. But I think people have to feel productive.

I think one of the reasons people get unhappy is because they have been conditioned, even as young people, that thy deserve something. Free education, entitlements, and they have no sense of satisfaction by doing something so even people who leave one job and go to another and change their jobs, I think they should and most of them are inclined to stay productive. But I’ve  often wondered about how long it would last, because a decade or two ago, I saw people retiring from chemical industries and big business and from government, they could work 20 years or 25 years and in their fifties [they] retire with full benefits and medical care.

It just didn’t add up! The retirement is something that people should have to plan for and not the government, so it was an illusion to think the government could take care of us and provide for these benefits, and if it comes up short, they follow the Keynesian ocean. ‘Well, what we can do is just produce more money! Print more money and hand it out and this will make everybody happy!’

But right now, there are articles coming up in the regular media, the numbers aren’t there, there are not enough workers to take care of the growing number of retirees and the economy is weaker so people are getting a little bit frightened about getting real income from Social Security because it is indeed a Ponzi scheme and  nobody’s quite willing to admit this. And I think people are going to realize that though in the next few years.”


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