Retirement Guru: Social Security Is Broken, But Fixable

Keith McCullough, Hedgeye TV, Released on 2/3/17

“Social Security is actually pretty easy to solve from a math standpoint. There are a few levers that you can adjust that actually most reasonable, rational people when you sit them down in a room would say, ‘Yes that’s a reasonable rational trade off.’ And you can actually solve for the fiscal deficit over the long term, but it’s more about the political willingness to change things.”

Bradley Belt used to run the Pension Benefit Guaranty Corporation (PBGC) where he was responsible for leading the federal pension insurance program and overseeing a $60 billion investment portfolio. He served as executive director of the PBGC under President George W. Bush, which was set up by the U.S. government to fill the gap of employer pension plans that cannot afford to fulfill promised benefits. After serving on a Congressional commission called the National Commission on Retirement Policy during the Clinton Presidency, Belt and others put forth proposals like raising the retirement age – and indexing for gains in longevity. Belt is now vice chairman of alternative asset manager Orchard Global Asset Management.

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