Mar 11, 2014|
Garland talks about the coming clash of generations over Medicare and Social Security shortfalls with Yevgeniy Feyman of the Manhattan Institute's Center for Medical Progress.
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Automatically Generated Transcript (may not be 100% accurate)
We continue our conversation. And number or round of the month five in particular. Or different publications the one that caught by a more even than the others. Title says America's clash of general operations is inevitable. There's one paragraph. There is entrenched roaming abroad -- or were other national concerns of security Medicare Medicaid. Programs heavily for the retired dominated the butchered. And for about 44 pursuit and spending it have been largely excluded. From the deficit reduction measures. The federal government is increasingly a -- were agency. Active when you're old and in middle age are spent on the old. And see. It uses a ballad article valid concern. Return to Yevgeny payment -- for the Manhattan institute center for medical progress -- -- welcomed the sure appreciate it done. I your thoughts is this an exact -- diseases ebony validity or just totally pulls. Well like they think it's right. On on on point. Insofar as we really are spending a lot of money. Much more than should be on. Time programs on hold boldly programs Medicare. That term here predominantly used by Eagles were higher authority. I'm not -- the tunnels lead to. Took clash of jet two generations certainly think to -- and young people realize well that it is their grandparents. Right so it's not a solid complete stranger coming in and taking money from you. But I think it does point does the fact that we need to reform these programs if we want them to do exist future generations. How we do that without. Aggravating the electorate. That are the ones that are benefiting from the way it is now. You know I think part of it is yet to appealed electorate com. In assembly that they -- appealed to two to a young people who would be the beneficiaries of fixing certificate and that the system so. The way the way you appeal the appeal to young people. Went -- -- -- that you keep these systems -- allies view -- success. Israel it by saying you know that in these -- immigrant parents yet there's some transfer you know really getting everything that you put it in. But these are people for part you don't -- -- -- -- I think part part of that argument hold true if for different electorate going to be affected by the AARP electorate as they have called them. You know that your your credentials and now our are financing the -- difference to your health care. On the if you want these programs -- still exist when you're age you're gonna have to accept some kind of change to the system that's unrealistic. To expect consistent success that incidents. Global what do we say it would be. Elderly German operation that says -- I'm living on. Tight group right now. If we go to metrics. Were I don't get a natural -- little bit older say one year two years older. Or have clamped cut back what god a minister or choose between medicine and food. You know there there are certainly people live in line I think for the most part that's a very small portion of the population. But do right now what we're responding and Social Security we could take that and spent about the same problem -- that's. It would just give every single part individual popular apple but that. So a lot of these benefits are being accrued by people who have saved money already they have their their rich state -- -- monitor like time and they don't really need need these benefits or -- them because were required to under the law. If we -- to reform it by making -- -- real benefits we would help protect those bottom of the income scale and we wouldn't be giving. Huge benefits to people who don't need. All right -- limit trigger first report come back -- -- -- Jordan is. We're debating -- and if so whether or not the the millennial. Generation younger generation. Census day in the funding and funding the mechanism so it's keeping the older generation of retired general and living their current lifestyle. So -- -- -- questioned your gut comments it was called 2601. -- somebody told Brady. It's 66 it'd 90 beats them. Is America. Heading for a little bit of a civil war between generations. Moonlit fields. Taking care of the older generation when it comes old that sold -- benefits. And the question is will that continue we have you get any payment. Well for the Manhattan institute center for medical progress. Venue. You begin to -- war -- we lost our caller of government in the spring of one of caller. This this should where you have to help me or for those suits is it's not that big deal via. Younger generation will be able manager. -- looked up to statistic excellent -- The over sixty population. Around the world. Is growing pretty quickly from everything I can read. And this one article Walter journals that American needs to rethink. Retirement. -- points out. In Europe to the median age is 43 years. Over the past thirty years it was 34 years ago. In Japan the oldest population in the planet has gone from thirty in and sporting senate in America's population is aging too. How does the younger generation that certainly seemed smaller than my engine ration. General rate the bonds -- maintain the fund for us to live as we do now. It really comes down to economic growth. You know economic growth is that -- that the solution. Too much of our social ills. Right now a young people can't find jobs commensurate with their education you go to get a bachelor's degree manned and out. Flipping burgers McDonald's or serving coffee at Starbucks. And it did do there it is in the nature disconnect between what what -- people perceived to be about you well from the college degree. And what to -- real market value is a lot of that has to do -- Just bad government policies we put in place and so and applies for year liberal arts colleges over. Maybe trade schools. You can get your hands and the need to go to -- college go get a certificate certification as a auto engineers or electrical engineer and got to work making 67000. You look pretty good middle class life. It. -- personally I think. Economics of the situation and push us pretty soon to can make some changes so we started -- changes earlier. It's gonna be less painful ones that make them later on down the road. But we we certainly. Started paying much more attention to this. Insanely high student loan debt for instance which I don't -- -- -- and that the credit card debt for the country. I've ordered out to one of regulatory use an example. Last hour. Boris Said the littlest signal look at Detroit you go to a lot of people that are pension health benefits. There are going to be -- because the the city went bankrupt. This city this state problems with funding of pension funds -- state of the city didn't fund what they said that we're -- Abdul or they get to a point they couldn't -- With the with the -- older generation moving into a situation. Where their pensions for one -- from whatever not adequate. Even with the with -- in the economy. And young people sustain -- Absolutely you know wages should region's growth faster than there have been done and you've got more more peril -- is coming into the system. And that's that's probably funds. The the title benefits that the older generation users on the I don't think it's realistic in the short term to expect that kind of growth though and it's unfortunate that. A lot of the workers suffer for these municipalities for localities states. Are going to be seeing cuts the cuts their pensions because it's not different Stifel. But it's the fault of the state it's the fault of the mean stop at the locality that made these promises that and the -- told them more sustainable. Many of their experts have to use it and the main corporate and all of this. Is the escalating cost of health care. And I've read a number of books on and on friends which supposedly is a system in Switzerland. One of them in the world and and other countries to brag about I've yet to find the country that can sustain. What they've -- at all. Multi billion dollar -- that it's growing and -- -- all -- one former action cutting back on what their supplies. -- if if health care costs. Or one of the main reasons that route now it's do you see that. Getting fixed anytime soon. So we we have a long history of skyrocketing culture and there hour. A million reasons for it to happen a lot has to do with distortions talks wrote that paper. Over insuring people fifty of coverage to New York through employer you're probably over church because you really never -- for anything we -- crisis in health care system. I think long term that's definitely fixable and well I've criticized Obama care the character on -- and many respects. I think one of the better parts of the -- is that two Cadillac tax under the law does start. To dismantle some of the distortion I -- -- it's pretty cool to do so. So I think where word. We're certainly aware of -- high cost of health care and I think that's a major step forward amid stepped forward from where we were. -- -- in the eighty's and ninety's even even early 2000. Just a decade ago. We finally started taking some steps to controlling spending the steps off. Good enough -- -- don't really doing things to different question by I'm confident that we will slow health care helped judgment. One final portion and help me this Euro over the years. I've had a number of experts on Social Security of the wanted to come and say weren't dire trouble. Oh we can't sustain what we've got to and so forth there's no real answers had been put in place. Others that are common yeah we got problems but it doesn't come -- has 220 -- appears somewhere thereabouts. And all the wounds that say. We've got problems but we got to 2050 and all we have to do is cut ABC. Dude GDP and we're gonna be on what -- -- horrible with socially secure. Social Security is -- it is one of -- better funded. If you can. That it -- it's -- what about on the government programs on the funded. Are somewhat cruise through the mid thirties or so. -- disability insurance part of the program is isn't much that much more -- -- need but that's very small fraction of total spending. So he'll be reached the point where the source -- security personal finance where real time and money in the fund to pay out all benefits. Well to start paying lower benefits automatically. That's that's certainly one way of dealing. Another way of dealing with that long term is immediately. And that means literally this year. Raising the payroll tax by about 3.4 percentage points so. The average person it would be paying about 15% of their salary just the Social Security payroll taxes. Com. You know that keep it solvent for the years but in an awful lot of trade. It's not in the has -- need to -- areas but it's certainly not good to go for the next foreseeable future. We have David Bloom be doing besides shoes in the Huffington -- quite often loved bugle call you later they are my pleasure it. And talk and you. We'll come right back it is the thing tango and -- and oblivion this is Columbia.