Counter the Koch Billions. Protect Social Security. Will you help Senator Sanders expose the Koch Echo Chamber? Video Transcript

Bernie Sanders: “What the Koch Brothers want to do is destroy Social Security because Social Security is a Federal government program that has been enormously successful.

The Koch Brothers are funding think tanks and other organizations which are spreading an enormous amount of disinformation about Social Security.

Raising the age of retirement, if they have people who are banging nails, or waitresses, or so many blue-collared jobs out there, that you gotta keep working until your seventy (70) years of age, that is just really unfair.

Second of all, we want to give the younger generation an opportunity to get out into the work force.

The Koch Brothers fund organizations. You have economists and political scientists working there. And they are very, very good in getting on television.

Andrew Biggs, Cato Institute: “raising the retirement age….”

Veronique de Rugy, Heritage Foundation: “I would increase the retirement age….”

Jose Pinera, Cato Institute: “we will probably have to increase the retirement age….”

David Johns, Heritage Foundation: “We’re probably going to have to raise the retirement age….”

And people will not know that they represent an organization which is heavily funded by corporate interests. They are very effective in getting their positions out into the media.

Lawrence Kudlow, the Kudlow Report: “Should Congress raise the retirement age?”

Britt Hume, Special Report, Fox News: “If you raise the retirement age….”

Guest on Hannity: “Raise the retirement age….”

Blonde on Fox Business: “Let’s consider the options. Let’s raise the age….”

Another blonde on Fox Business: “…raising the retirement age to 69.”

At the same time, the Koch Brothers are putting huge amounts of money into campaign contributions.

Paul Ryan: “…very modest increases in the retirement age….”

John Boehner: “…and eventually getting the retirement age to seventy (70) is a step that needs to be taken….”

Rand Paul: “…and the age on Social Security will have to go up….”

So you have an echo chamber which starts repeating a lot of misinformation.

The Koch Brothers are funding study after study which suggests to people that Social Security is going bankrupt. Social Security is not going broke. Social Security has a $2.6 trillion surplus.

Dan Mitchell, Cato Institute: “The program is actuarily bankrupt….”

Alison Fraser, Heritage Foundation: “Social Security and medicare….They are going to go broke….”

David Boaz, Cato Institute: “the real risk is social security running out of money….”

Neil Cavuto, Your World: “Social Security going bankrupt….”

Gretchen Carlson, Fox & Friends: “Social Security already bankrupt….”

Lawrence Kudlow, The Kudlow Report: “Social Security is going bankrupt….”

George Bush: “The system will be bankrupt.”

Texas Governor Rick Perry: “Bankrupt Federal programs like Social Security….”

Congressman Paul Ryan: “Social Security is going bankrupt.”

Michele Bachmann: “Social Security is already operating in the red….”

The Koch Brothers want to privatize Social Security to invest your retirement funds on Wall Street. And you may lose all of your retirement savings when you get old.

Dan Mitchell, Cato Institute: “Real security is based on personal accounts with real assets.”

Lawrence Kudlow, The Kudlow Report: “I like the idea of personal accounts.”

Congressman Paul Ryan: “The option of investing one-third of their social security payroll taxes into personal retirement accounts….”

Bernie Sanders: “The Koch Brothers job is to do everything they can to dismember government in general. And if you have destroyed Social Security, you have gone a long way forward in that effort.”

Transcribed by the Barefoot Accountant of Accountants CPA Hartford, Connecticut, LLC

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William Brighenti is a Certified Public Accountant, Certified QuickBooks ProAdvisor, and Certified Business Valuation Analyst. Bill began his career in public accounting in 1979. Since then he has worked at various public accounting firms throughout Connecticut. Bill received a Master of Science in Professional Accounting degree from the University of Hartford, after attending the University of Connecticut and Central Connecticut State University for his Bachelor of Arts and Master of Arts degrees. He subsequently attended Purdue University for doctoral studies in Accounting and Quantitative Methods in Business. Bill has instructed graduate and undergraduate courses in Accounting, Auditing, and other subjects at the University of Hartford, Central Connecticut State University, Hartford State Technical College, and Purdue University. He also taught GMAT and CPA Exam Review Classes at the Stanley H. Kaplan Educational Center and at Person-Wolinsky, and is certified to teach trade-related subjects at Connecticut Vocational Technical Schools. His articles on tax and accounting have been published in several professional journals throughout the country as well as on several accounting websites. William was born and raised in New Britain, Connecticut, and served on the City's Board of Finance and Taxation as well as its City Plan Commission. In addition to the blog, Accounting and Taxes Simplified, Bill writes a blog, "The Barefoot Accountant", for the Accounting Web, a Sift Media publication.
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3 Responses to Counter the Koch Billions. Protect Social Security. Will you help Senator Sanders expose the Koch Echo Chamber? Video Transcript

  1. Pingback: A brilliant, well-oiled propaganda machine, funded by big corporate interests, to steal more billions from the middle class. | The Barefoot Accountant on Accounting, QuickBooks, Taxes, Money, and Politics

  2. Debora says:

    I want to know what the Koch Brothers want to dismantle govenment? Is it to abolish regulations and taxes? Is that the only reason? How can there be surplus in Social Security…is it not part of thee national deficit/debt?

    • Perhaps this passage from an article in the New Yorker written by Jane Mayer addresses the motives of the Koch Brothers’ contributions:

      The Kochs are longtime libertarians who believe in drastically lower personal and corporate taxes, minimal social services for the needy, and much less oversight of industry—especially environmental regulation. These views dovetail with the brothers’ corporate interests. In a study released this spring, the University of Massachusetts at Amherst’s Political Economy Research Institute named Koch Industries one of the top ten air polluters in the United States. And Greenpeace issued a report identifying the company as a “kingpin of climate science denial.”

      Social Security has a $2.6 trillion surplus: since its inception in 1933 the Social Security Administration has collected more Social Security taxes than it has paid out in Social Security benefits to retirees.

      Of course, the US government has also “borrowed” those pension funds, as it has borrowed trillions of dollars from China, investment portfolios, et al. Although certain politicians would never welch on our debt to China and others, they wish to do so with your retirement funds that you are legally “entitled” to. That’s why Social Security is called an entitlement: it’s not a free handout; taxpayers have been contributing 6.2% of their salaries to their retirement fund to be invested by the US government. The US Government borrowed those monies to pay for other programs and operations. The US Government owes the Social Security Administration, a trust fund of our retirement funds, $2.6 trillion dollars. It is typically not included in the amount of our nation’s national debt because the government owes it to a federal entity, and not to a non-federal entity.

      An easy fix to Social Security is to uncap its present limit on wages of less than $106,800: tax ALL wages, including the millions that the rich earn. I would also tax investment income of individuals who taxable income consists primarily of dividends and capital gains on the premise that they are investors and such constitute self-employment earnings. Of course, the rich would burn me at the stake on that one.

      Needless to say, Congress would never go for that solution because members need campaign contributions from the rich.

      The Barefoot Accountant

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