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."
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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."
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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."
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Michael Katz ✉
Michael Katz is a Newsmax reporter with more than 30 years of experience reporting and editing on news, culture, and politics.
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