2026 10 07 Financial Issues

So in response to a poll that came out last month revealing that, uh, United States boomers, so those in the boomer generation, are overwhelmingly in support of higher taxes on younger workers to maintain Social Security benefits.

There were quite a few responses on X and on various other places.

Before we get to those responses, Sam, can you give us the details of this poll? Because even some of those numbers might be disputed at least.

What do we need to know about this poll?

Well, of course, it is just one poll, but I think based on political re- uh, reactions that you see from people, it is indicative of, of something, an overall trend as I think good polls do.

The numbers not, might not be exact-

Sure

...

but they at least give you that, that vibe check.

So this comes as Social Security is about to begin running out in 2032, and once that happens, ongoing revenue would cover just 78% of scheduled benefits.

So the big question now is, well, what on earth do we do? Uh, they polled a bunch of people to figure out, what, what do you think should happen? Overwhelming, 89% of Americans over the age of 65, so the people, uh, receiving or about to receive Social Security, said those monies should be protected at current levels at all costs, even if it means higher taxes on younger workers.

Um, and it's not only 65 and plus.

The closer you get to retirement age when you'll be drawing on those benefits, naturally the more likely you are to want to protect those.

Roughly 84% of those ages 55 to 64 also preferred higher taxes.

That was also pretty high among the, uh, 40 to 50-year-olds at, at 70%.

And then as you get younger down the line, that drops to only about 50 to, uh, 40% of people thinking, "Yeah, this might be a decent idea to raise those numbers." So classic human nature here, Seth.

Yeah.

The, the closer I get to, um, reaping the benefit from something, the more I want that benefit.

And the people who say, "No, this is gonna cost me," they don't wanna pay the cost either.

So classic human nature.

It is.

Sam, I'm glad you brought that up because as we enter this conversation, folks, I wanna level the playing field, okay? Uh, Sam and I are in our 30s.

You might be in your 50s or 60s or 70s, and perhaps you would say, "Yeah, I, I would have, uh, if I had been polled, I would have said I'd rather higher taxes so I can keep my Social Security benefits." Not coming after you for that.

What we're saying simply is it is human nature.

If I were in my 60s or 70s, maybe I'd feel that way too.

So in response to a poll that came out last month revealing that, uh, United States boomers, so those in the boomer generation, are overwhelmingly in support of higher taxes on younger workers to maintain Social Security benefits.

There were quite a few responses on X and on various other places.

Before we get to those responses, Sam, can you give us the details of this poll? Because even some of those numbers might be disputed at least.

What do we need to know about this poll?

Well, of course, it is just one poll, but I think based on political re- uh, reactions that you see from people, it is indicative of, of something, an overall trend as I think good polls do.

The numbers not, might not be exact-

Sure

...

but they at least give you that, that vibe check.

So this comes as Social Security is about to begin running out in 2032, and once that happens, ongoing revenue would cover just 78% of scheduled benefits.

So the big question now is, well, what on earth do we do? Uh, they polled a bunch of people to figure out, what, what do you think should happen? Overwhelming, 89% of Americans over the age of 65, so the people, uh, receiving or about to receive Social Security, said those monies should be protected at current levels at all costs, even if it means higher taxes on younger workers.

Um, and it's not only 65 and plus.

The closer you get to retirement age when you'll be drawing on those benefits, naturally the more likely you are to want to protect those.

Roughly 84% of those ages 55 to 64 also preferred higher taxes.

That was also pretty high among the, uh, 40 to 50-year-olds at, at 70%.

And then as you get younger down the line, that drops to only about 50 to, uh, 40% of people thinking, "Yeah, this might be a decent idea to raise those numbers." So classic human nature here, Seth.

Yeah.

The, the closer I get to, um, reaping the benefit from something, the more I want that benefit.

And the people who say, "No, this is gonna cost me," they don't wanna pay the cost either.

So classic human nature.

It is.

Sam, I'm glad you brought that up because as we enter this conversation, folks, I wanna level the playing field, okay? Uh, Sam and I are in our 30s.

You might be in your 50s or 60s or 70s, and perhaps you would say, "Yeah, I, I would have, uh, if I had been polled, I would have said I'd rather higher taxes so I can keep my Social Security benefits." Not coming after you for that.

What we're saying simply is it is human nature.

If I were in my 60s or 70s, maybe I'd feel that way too.