Tuberville: Social Security Is A Scam

WASHINGTON - This week, U.S. Senator Tommy Tuberville (R-AL) delivered a speech exposing the federal government's failed Social Security program as a scam that will be bankrupt soon. In his speech, Sen. Tuberville suggested that the federal government should not be stealing hardworking American taxpayers' dollars to prop up a failed program. Instead, Americans should be allowed to keep their money to invest in other ways for retirement.

Read excerpts from Sen. Tuberville's remarks below or watch on YouTube or Rumble.

"Thank you, Mr. President. […] [I've] 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 re-elected in most cases. And they think telling the truth about [the] scam will hurt their chances of 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 in the law in 1935 by Franklin Delano Roosevelt […] 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 of the matter. Whether you're 17 or 67, more than 6 percent 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 millions of Americans struggling to live paycheck to paycheck, that 6 percent is a huge sacrifice. Americans have been paying into this program for years, 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 percent broke. It's absolutely broke. Just like our federal government with $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. When these funds are depleted, senior citizens could see a cut in their monthly check up to 22 to 25 percent of their benefits. On average, that's $500 a month. If the federal government were to try and save the program, it would most likely mean that your taxes would skyrocket. 38 percent of mandatory spending within the federal budget, annually, goes towards [the] failing Social Security program. Yes. The money you send up here, 38 percent a year goes to Social Security. Not the money that you already sent because 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. It's a 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. […] After you pay taxes and you put it in there for savings for many years and you get it back, guess what? You gotta pay taxes on it. 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.' What a scam. Depending on which tax brackets you're in, between 50 percent to 85 percent of your benefits can be taxed by the federal government.

Last year, I introduced the Senior Citizens Tax Limitation Act to stop the unjust double tax on Social Security benefits. Thankfully, 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, 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 means 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 gonna pay in, and we'll get a lot of money at the end. That 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 on both employees and employers since most companies have to match the 6 percent that their employees are forced to pay out their paychecks. They double the tax. This is socialism. It's highway robbery. And for the last 60 years, we've known this program was going 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 up here is allowed to talk about. Don't talk about Social Security because we don't have a solution that 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 1. When many Americans are going to reach retirement age soon, we better look out. They're expecting to get their money. They're expecting to get the money that they paid into Social Security for years. They're gonna get screwed over with nothing left, and this is going to be a serious problem.

[The] 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 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, the Biden administration and Alejandro Mayorkas, our great Homeland Security [Secretary], 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 gonna give you money. We're gonna give you a Social Security number. It's no wonder we're broke. While many 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 gonna get Social Security. If you believe that, I got beach land I'll say out in Arizona. Every single American has invested the money that they're forced to pay 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 [be] invest[ed] it 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 gonna get more money at the end. Folks, it is a scam. If this money had been invested in the stock market again, you'd 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 [W.] Bush tried to save Social Security in 2000. He tried to privatize a lot of this money. […] If we'd have just done that, if this body in here would have just said 'OK, we know we screwed it up for 40 years. Let's go ahead and do it. Let's get out of this jam.' They don't want any part of it because 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 to a money market account that would pay for theirs in the future and ours today, those of us that are close to 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 invest 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. The federal government stopped working in your best interest a long a long time ago. The average taxpayer earning the median wage of paying approximately $3,500 to $4,500 annually into the Social Security program over a 40-year work period- that's around $140,000 to $180,000 that could have gone toward a 401(k) and you'd 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 gonna be gone. I'm not gonna have to worry about it. Somebody's gonna pay the price.

It won't be long till people be coming right around this building going, where is my money? You remember January 6th? January the 6th was a pretty bad day. I was here. I sat right over there. My very first day here. I'm thinking, what a disaster I've gotten into? Well, you start telling people you're not getting your Social Security money, it's gonna 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.

[The] 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. 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 interest, not for career politicians and entrenched 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 American people's pockets? Tell them the damn truth. We stole your money, but we're gonna 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. Thanks, Mr. President, I yield the floor."

Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans' Affairs, HELP and Aging Committees.

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