Sen. Tommy Tuberville, R-Ala., lamented on Newsmax on Tuesday the fate of Social Security given reports the federal government has trillions of dollars in unfunded liabilities related to benefit programs.
"No, most people won't get Social Security," Tuberville told "Carl Higbie FRONTLINE." "It's just unfortunate. It was a tax that was levied on the American people years ago, sold a bill of goods. Hey, we're going to take care of your retirement."
Special: How to Increase Your Social Security Payment By $188,170 Before It's Too Late... See Here
The Daily Caller reported Monday the average amount that Americans said they would need to comfortably retire surged to $1.46 million, more than 50% higher than the response in 2020. It also reported pensions across all 50 states exceeded their funding by nearly $7 trillion in 2022, about $21,000 in unfunded liabilities per person. The federal government is also facing an estimated $93.1 trillion in unfunded liabilities related to benefit programs like Social Security.
"If you would have taken the money that you put in Social Security and put it in a 401k, it would have been worth 10, 15, 20, 30 times what it is today. It's unfortunate, this place up here. The federal government does not know how to handle your money, but they want more of it."
IMPORTANT: Putin’s Adviser Says Dollar Will Collapse Soon, Trump Reacts, More Info
Tuberville was incredulous that President Joe Biden in an election year has proposed raising the corporate income tax rate from 21% to 28% and to hike the capital gains tax to 44.5%.
"You can't make this up," he said. "You don't do that in an election year, so something's going wrong out there. Something is kind of fishy with this election coming up when they're saying, Hey, by the way, we're going to double your capital gains tax. Makes no sense whatsoever what they're doing.
"We need to close these buildings up there and go home for the next seven, eight months before we really put this country under."
Urgent: Social Security Failing Americans, Free Book Exposes the Truth... Get Book HERE
About NEWSMAX TV:
NEWSMAX is the fastest-growing cable news channel in America!
- Find Newsmax channel in your home via cable and satellite systems – More Info Here
- Watch Newsmax+ on your home TV app or smartphone and watch it anywhere! Try it for FREE -- See More Here: NewsmaxPlus.com