Where this was said
Social Security: The $800,000 Robbery and the 2034 Insolvency
At 47:40 · chapter starts 45:00
Drawing on a Wall Street Journal op-ed titled 'A Counterfactual Social Security History,' Bongino makes a specific and quantified case that the government's decision to reject Bush's 2005 partial privatization proposal has cost a generation of workers dearly. [1] — Dan Bongino "$800K+ missed under Bush Social Security plan: A Wall Street Journal analysis found that a 22-year-old in 2011 would have accumulated over …" 50:50 The math: a 22-year-old contributing $83 per month beginning in 2011, using actual S&P 500 market returns and the index's historical 10% annual average, would have built over $800,000 by retirement. Instead, the government collected those contributions, spent them, replaced them with IOUs, and its own actuaries now project the trust fund will be exhausted by 2034. Bongino is careful to distinguish this critique from an accusation of socialism — Social Security is a law passed through a constitutional republic, not government control of the means of production — but argues it is an enormous policy failure that has robbed workers of generational wealth.
