During Wednesday's town hall, Rep. Morgan Luttrell (R-TX) was asked by constituents about Social Security earnings.
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00:00My name is Sharon Patton. I reside in Huntsville.
00:03Amazing place.
00:06Clearly, the solvency of Social Security is an issue.
00:12Will you support eliminating the cap on Social Security earnings
00:17so that the wealthy pay the equitable percentage?
00:21And this is a yes and no question.
00:24Yes. Okay.
00:26So, yes. Let's play this out.
00:28So, Social Security is going to go insolvent.
00:31And let me finish. Let me finish.
00:36The Social Security Fund.
00:38Is that better?
00:40Okay. Social Security Fund.
00:42Now, the Social Security is...
00:44The Social Security pot of money is funded by FICA.
00:49I think everybody sees that on our check.
00:51And by the Social Security Fund.
00:54Okay.
00:55In 2035...
00:57Give me plus or minus a year.
00:582033, 2035, plus or minus.
01:01That fund will be depleted.
01:06Let me finish.
01:09Those funds will be depleted.
01:12And when that happens, it will be...
01:15Taxes on...
01:17From FICA that pay Social Security.
01:21Okay.
01:23From that percentage, because when the fund goes away and we only have FICA in there,
01:29that will drop 100% benefits to 75, 80%, plus or minus.
01:35Okay.
01:36In Congress, this is one of those problems that nobody wants to talk about.
01:45All right?
01:46And this is an absolute issue.
01:48And it's a numbers game.
01:49It is a math problem that you can read wholeheartedly that this is happening.
01:53And if Congress would act on it, that would be amazing.
01:55I would love to get in there and have these debates and discussions and find something that would fix this problem before it shows up in 10 years.
02:02And why can't you?
02:04Why can't you?
02:05What question?
02:07Great question.
02:09I can fix it.
02:09Yes, sir.
02:10I'm sure.
02:12And here's the issue.
02:13Because if it's...
02:14We're going to go up to 400,000.
02:16Yes.
02:16Hang on.
02:17Hang on.
02:17I got you.
02:18I got you.
02:18I got you.
02:19I got you.
02:19All right.
02:20I got you.
02:22You know you're not allowed to ask the question.
02:23Come on, man.
02:24Give me a second.
02:24I'm talking to the young lady.
02:28So we need to address this problem right now.
02:31It's not something we need to wait for downstream.
02:33But the second the conversation happens in D.C., like as a Republican, if I said, hey, look, we need to address Social Security,
02:42the Democratic colleagues are just going to go all in haywire, trying, I'm taking everything from everybody.
02:49And then everybody, God, I'm just telling you that, hey, look, because if it was the Democratic colleagues that were talking about it,
02:55the Republicans, hold on, let me finish.
02:57If it was my Democratic colleagues talking about it, the Republicans would do the same thing.
03:01No.
03:02No.
03:03No.