Senator Tuberville Speaks on Senate Floor Calling Out the Social Security Scam transcript

Thank Mr. President. I'm going to talk about a subject people just love to talk about. Come to the floor to talk about a big scam in our country. It's happening in broad daylight before our very eyes. Politicians here in Washington know what's going on, but they refuse to speak about it. They're too worried about getting reelected in most cases. And they think telling the truth about scam will hurt their chances in staying in power.

Well, here's the sad truth. For decades now, the American people have paid into Social Security each month without having any idea if they will ever see a cent of the money that they put in. Since being signed into law in 1935 by Franklin Delano Roosevelt, our great president, Americans' money has been going in the front door of the federal government and then going right out the back door. Your dollar doesn't grow and it doesn't come back to you or your children.

It's a big, gigantic, blown-up Ponzi scheme. And the last time I looked, people who do Ponzi schemes usually go to jail. Every American is forced to participate in it. You got no choice. You don't have a say in the matter whether you're 17 or 67. More than 6% of your paycheck is taken out by the federal government to pay for Social Security, your so-called retirement. That might not seem like a lot, but to me and Americans struggling to live paycheck to paycheck, that 6% is a huge sacrifice.

Americans have been paying into this program for years, only only to see a fraction of what they have been promised. It really makes you wonder how this government-approved Ponzi scheme is legal. The truth is that this retirement savings this savings program is 100% broke. It's absolutely broke. Just like our federal government of 40 trillion dollars in debt. The Social Security fund is projected to run out of its reserve money in 2032, just a few years from now.

You know, when these funds are depleted senior citizens could see a cut in their monthly check up to 22 to 25% of their benefits. On average, that's $500 a month. You know, if the federal government were to try and save the program, it would make most likely mean that your taxes would skyrocket. 38% of mandatory spending within the federal budget annually goes toward failing Social Security program. Yes, the money you send up here, 38% a year goes to Social Security.

Not the money that you already sent cuz guess what? It's been sent. It's been spent and scammed out of our system. It's not there. In other words, almost 1.6 trillion every year of your taxpayer dollars is being spent on a program that is currently scheduled to go bankrupt in 6 years. So, basically, the money you send up here has been spent and now is nowhere to be found. The Social Security program is the single largest program we're wasting our tax dollars on.

Biggest. It's mind-boggling program, to say the least, but don't worry, it gets worse. After decades of having Social Security taken out, millions of Americans had to pay taxes when they go to collect their Social Security. Yep, you're exactly right. After you pay taxes and you put it in there for savings for many years and you get it back, guess what? You got to pay taxes on that. Because our former president and former senator, Mr.

Joe Biden, when he was a senator in 1983, got the great idea of let's tax Social Security. Oh, what a scam. Depending on which tax brackets you're in, between 50% to 85% of your benefits can be taxed by the federal government. Last year, I introduced the Senior Citizens Tax Elimination Act to stop the unjust double tax on Social Security benefits. Thank the the one big beautiful bill included senior deductions that significantly reduced federal taxes for the majority of retirees.

Thank goodness. In a day and age where the cost of living is skyrocketing and our seniors should not experience a second tax on their Social Security when they're already paid tax on that money. If we must keep this outdated program, the least we can do is to ensure that senior citizens don't get slapped with a double tax. Despite what millions of Americans have been tricked into believing, it turns out that paying into Social Security does not entitle you to a fixed pot of money.

Everybody thinks we're going to pay in, I'm going to get a lot of money at the end. That's sadly sad reality is that many Americans won't see a cent of the money that they paid into Social Security. Basically, Social Security is just, folks, another tax. A tax on both employees and employers since most companies have to match the 6% that their employees are forced to pay out of their paychecks. Yeah? They double the tax.

This is socialism. It's highway robbery. And for the last 60 years, we've known this program was going to under, but no one up here has been willing to fix it. In fact, Social Security is known as the third rail of politics that no one appears allowed to talk about. Don't talk about Social Security because we don't have a solution and we might lose our jobs. In fact, Social Security is known as that third rail because nobody will touch it.

It's taboo to talk about Social Security. But my question is, why? Why is that? We work for the people. We work for the taxpayers. We've known this program was going bankrupt for years. It's been a disaster since day one. When me as Americans are going to reach retirement age soon, we better look out. They are expecting to get their money. They're expecting to get the money that they paid into Social Security for years.

They're going to get screwed over with nothing left and this is going to be a serious problem. Social Security scam doesn't stop there. As you know, Joe Biden welcomed tens of millions of illegals into this country with open arms. They said that our borders are closed. Yeah, after they let 20 million people in that shouldn't be here. These aren't nice people, either. Most of them. Many of them are rapists, murderers, drug lords, and gang members.

Well, it turns out Biden administration and Alejandro Mayorkas, our great Homeland Security Director, they weren't just letting these illegals into our country without vetting them. They were handing them social security and Medicaid benefits as they were coming into the door. Welcome to the United States of America. We're broke, but we're going to give you money. We're going to give you a social security number. It's no wonder we're broke.

While millions of Americans will never see social security benefits that they worked hard to pay into throughout their careers, illegals they're getting money. They're getting rich off the money that Joe Biden said that they could have. It's disgusting, but it's not surprising. This is our federal government. So, why aren't we allowed to talk about it? It's almost like the system was set up to fail from the get-go. You know, I caught a lot of flak when I brought this up in a hearing just a few years ago.

What's this guy talking about? We're going to get social security. Yeah, if you believe that, I got beach land I'll sell you out in Arizona. Every single American has invested the money that they're forced to pay in social security each month into a stock. If they'd have done that, they would have gotten 10 times the money that they'd put in if it would just invested in the stock market. But, you know where it was invested in?

Most people don't know this. Your money, when it comes here, is put into Treasury bonds that have very low returns. Very, very low. Not even close to anything that you would ever invest in yourself. That's where your money goes. Don't be naive. The reason social security is invested in bonds is because it is being used to basically prop up the federal government. We're broke. We don't have any money. Please send more.

Can we raise the social security tax? And just tell them they're they're going to get more money to end. Folks, it is a scam. If this money had been invested in the stock market again, you would have 10 to 15 times more money. It's embarrassing, but apparently we're not supposed to bring that up. To his credit, President George Bush tried to save Social Security in 2000. He tried to privatize a lot of this money went in there.

If we'd just done that, if this body in here would just said, "Okay, we know we screwed it up for 40 years. Let's go ahead and do it. Let's get out of this jam." They didn't want any part of it cuz they wanted to steal the rest of the money, and that's exactly what's going on. He suggested that younger workers divert their portion, young workers divert their portion to a market money market account that would pay for theirs in the future and ours today, those of us that are close to the Social Security.

But of course, the DC swamp up here, they shut that down fast. Let's don't talk about Social Security. It is taboo. It's a dang shame. The program might not be on the verge of bankruptcy today if they'd just invested part of the young people's money into the market. But you have to remember, the government relies on your money for their slush fund. Federal government has stopped working in your best interest a long, long time ago.

The average taxpayer earning the medium medium wage of paying approximately $3,500 annually into the Social Security program over 40-year work period, that's around $140 to $180,000 that could have gone toward a 401k, and you would have money to retire on. People would be seeing much greater returns. We'd better start figuring this out, folks. We'd better start figuring it out. This group up here, a lot of them going to say, "I'm going to be gone.

I'm not going to have to worry about it." Somebody's going to pay the price. It won't be long till people be coming right around this building going, "Where's my money?" Remember January 6th? Yep. January 6th was pretty bad day. I was here. I sit right over there. My very first day here. I'm thinking of what a disaster I've gotten into. Well, you start telling people you're not getting your Social Security money, it's going to get ugly.

And I don't blame them. Not one bit. We're $40 trillion in debt. There's no sign of it slowing down. The bottom line is, we need to get bureaucrats and politicians out of this mess, stop this Social Security scam, let people really know what's going on, and give the money back to the people. We need to make sure Americans get what they were promised. Or we need to come up with an alternative solution that will allow Americans to make their own retirement investments.

Give them their money, or let's put it in a money market account. Stock market is booming. It's far past time Washington, D.C. starts working for the people that we're supposed to represent. What a thought. That mind-boggling, isn't it? Why would we do that? We work for ourselves up here. We don't work for the people. It's ridiculous. It's a scam. Not for special interests, not for career politicians, entrenched in bureaucracy, or for Washington elite projects.

Instead of spending money we don't have on things we don't need, why don't we put the money back into the American people's pockets? Tell them the damn truth. We stole your money, but we're going to try to get your money back. Not only is it in America's best interest to do this, it is the right thing to do. Mr. President, I yield the floor.