TICKING TIME BOMB: GOP sen sounds alarm on Social Security's fast-approaching crisis

[00:00:00] Speaker 1: THANK YOU FOR JOINING US. THANK YOU FOR JOINING US. KENTUCKY SENATOR RAND PAUL. MR. SENATOR, THE HOUSE VOTES TO RESTRAIN PRESIDENT TRUMP'S WAR POWERS. [00:00:09] RAND PAUL: WHAT RESTRAINT WOULD YOU LIKE TO PUT ON THE PRESIDENT'S WAR POWERS? I'M VERY SUPPORTIVE OF PRESIDENT TRUMP'S NEGOTIATING WITH IRAN. I HOPE THE WAR COMES TO A QUICK CLOSE. THERE ARE MANY IN MY PARTY WHO DON'T WANT TO SEE ANY NEGOTIATIONS. I FRANKLY THINK TO REMOVE THE ENRICHED IRANIUM WILL REQUIRE NEGOTIATIONS. EVEN THOUGH WE HAVE WON REQUIRED NEGOTIATIONS. I'M PROUD OF PRESIDENT TRUMP AND SECRETARY RUBIO FOR FRANKLY STEPPING UP AND SAYING WE WILL HAVE TO NEGOTIATE TO GET THE ENRICHED IRANIUM OUT. WITH REGARD TO WAR POWERS, THE CONSTITUTION IS PRETTY CLEAR. INITIATION OF WAR, DECLARATION OF WAR COMES FROM CONGRESS. THIS HAS NOTHING TO DO WITH THE CURRENT PRESIDENT OR PERSONALITIES OR LIKE OR DISLIKE. IT HAS TO DO WITH THE LONG STANDING INTERPRETATION OF THE CONSTITUTION THAT THE POWER TO DECLARE WAR RESIDES WITH CONGRESS. [00:00:57] Speaker 1: THE CONSTITUTION THAT WE'VE DONE WITH THE CONSTITUTION THAT WE'VE DONE WITH THE CONSTITUTION AND THE CONSTITUTION. [00:01:02] RAND PAUL: BUT WHEN IT GETS TO THE SENATE, YOU WOULD VOTE FOR IT? YOU WOULD VOTE TO RESTRAIN THE PRESIDENT? I HAVE ALWAYS VOTED TO SUPPORT THE CONSTITUTION AND THE FOUNDING FATHER'S IDEA THAT [00:01:12] Speaker 1: THE POWER WAS NOT GRANTED TO THE EXECUTIVE BUT WAS RESERVED FOR THE LEGISLATURE. WE'VE DONE WITH THAT. WE'VE DONE WITH THAT. WE'VE DONE WITH THAT. WE'VE DONE WITH THAT. [00:01:22] RAND PAUL: WE'VE DONE WITH THAT. WE'VE DONE WITH THAT. WHICH FUNDS ICE AND THE BORDER PATROL. MY QUESTION IS, HOW WILL THE DEMOCRATS RESPOND TO IT? THIS IS SOMETHING THAT'S TURNED OUT TO BE VERY PARTISAN. TYPICALLY SPENDING IN WASHINGTON IS BIPARTISAN. IT ALWAYS GOES UP AND THERE'S VERY LITTLE RESTRAINT. IN THIS PARTICULAR ISSUE, THE DEMOCRATS HAVE DECIDED THEY WILL NOT SPEND ANY MONEY ON BORDER SECURITY. WE'VE DONE WITH THAT. WE'VE DONE WITH THAT. WE'VE DONE WITH THAT. WE'VE DONE WITH THAT. WE'VE DONE WITH THAT. WE'VE DONE WITH THAT. WE'VE DONE WITH THAT. WE'VE DONE WITH THAT. WE'VE DONE WITH THAT. WE'VE DONE WITH THAT. WE'VE DONE WITH THAT. WE'VE DONE WITH THAT. WE'VE DONE WITH THAT. WE'VE DONE WITH THAT. WE'VE DONE WITH THAT. WE'VE DONE WITH THAT. WE'VE DONE WITH THAT. WE'VE DONE WITH THAT. WE'VE DONE WITH THAT. WE'VE DONE WITH THAT. WE'VE DONE WITH THAT. WE'VE DONE WITH THAT. WE'VE DONE WITH THAT. WE'VE DONE WITH THAT. WE'VE DONE WITH THAT. IT'S ALSO A LOSER FOR THEM IN THE ELECTIONS. IF THEY WANT TO GO AROUND THE COUNTRY AND SAY WE'RE ALL FOR THE 8 MILLION PEOPLE THAT JOE BIDEN LET IN HERE ILLEGALLY AND WE'RE FORGIVING THEM ALL WELFARE, I THINK THAT'S A LOSING ISSUE. THERE ARE MANY WORKING-CLASS AMERICANS WHO ARE NOT HAPPY ABOUT BUSTING THEIR BUTT TO EARN [00:02:37] Speaker 1: A LIVING AND WATCHING SOME GUY WHO CAME ACROSS THE BORDER ILLEGALLY ON WELFARE. SOCIAL SECURITY IS RUNNING SOMETIMES. WE'VE DONE WITH THAT. [00:02:47] RAND PAUL: YOUR CHECKS COULD BE CUT BY [00:02:49] Speaker 1: 24% A MONTH IN 2032. WE'VE LOST OUR AUDIO. OKAY. SO THE SENATOR CANNOT HEAR ME. OKAY. SO CAN WE RESTORE AUDIO TO HIM? SENATOR, CAN YOU HEAR ME YET? I DON'T THINK SO. I THINK WE'VE MOVED IT. SORRY ABOUT THAT, SENATOR. WE'LL TRY TO GET BACK TO YOU AT SOME POINT IN THE VERY NEAR FUTURE. NOW COME BACK IN HERE, LOU, BECAUSE LET'S GET BACK TO THE MARKETS. TELL ME ABOUT THE STOCK YOU [00:03:09] Speaker 3: REALLY LIKE AND THAT'S M-A-C-O-M. WE'VE BEEN TALKING ABOUT THAT. WE'VE BEEN TALKING ABOUT IT STILL. IT'S A KINN TO CORNING. YOU REMEMBER THE NEWS WITH NVIDIA AND CORNING BUILDING THREE PLANTS FOR PHOTONICS? MAKOM IS THE SAME KIND OF COMPANY. THEY MAKE CHIPS THAT MOVES DATA FASTER ACROSS THE DATA CENTER. SO THIS IS A CRITICAL BOTTLE NECK IN THE AI TRADE RIGHT NOW. THE LATEST QUARTER OF THE RESULTS SHOW THAT THEY'RE GROWING. THIS WAS PRIMARILY A DEFENSE CONTRACTOR THAT'S NOW BENEFITING FROM THE AI BOOM. [00:03:37] Speaker 1: SOCIAL SECURITY RUNNING OUT OF MONEY AND THERE'S A REPORT THAT SAYS YOUR CHECK, YOUR CHECK OF SOCIAL SECURITY RECIPIENTS WILL BE DOWN BY I THINK IT'S 20 SOMETHING PERCENTED, A BIG PERCENT. 24% BY 2032, I THINK IT IS. LOOK, THAT'S NOT GOING TO HAPPEN, IS IT? THAT'S LIKE JUMPING ON THE THIRD RAIL OF AMERICAN POLITICS. YOU CAN'T DO THAT. YOU CAN'T DO THAT. YOU CAN'T DO THAT. YOU CAN'T DO THAT. YOU CAN'T DO THAT. YOU CAN'T DO THAT. THAT'S NOT GOING TO HAPPEN, IS IT? YOU CAN'T DO THAT. YOU CAN'T DO THAT. YOU CAN'T DO THAT. [00:04:09] RAND PAUL: WHAT ARE WE GOING TO DO? ARE WE GOING TO RAISE TAXES? WE DON'T WANT IT TO HAPPEN, BUT I'VE BEEN SAYING THIS FOR 12 YEARS. 12 YEARS AGO I INTRODUCED REFORMS THAT WOULD HAVE ALLOWED US TO GRADUALLY FIX THE PROBLEM AND NO ONE WOULD LOSE ANY OF THEIR CHECK. YOU'RE RIGHT. IF PEOPLE WHO RELY ON $700 A MONTH AND THAT'S ALL THEY HAVE, HAVE A REDUCTION OF 24%, THEY WILL BE HUNGRY, THEY WILL NOT BE ABLE TO PAY FOR THE ELECTRICITY. YOU CAN'T ACCEPT. BUT IN ORDER TO FIX IT, YOU HAVE TO REFORM SOCIAL [00:04:36] Speaker ?: SECURITY. [00:04:36] RAND PAUL: WE CAN'T SAY IT'S THE THIRD RAIL AND DO NOTHING. SO I'VE BEEN PROPOSING CHANGES FOR 12 YEARS. AND NOW THE ACTUARIES, THE PEOPLE WHO LOOK AT THE ACTUAL NUMBERS OF SOCIAL SECURITY, THEY WERE SAYING 2034. LAST YEAR THEY CHANGED IT TO 2033. NOW THEY'RE CHANGING IT TO 2032. THAT USED TO SOUND LIKE WAY IN THE FUTURE. THAT IS COMING ON US RAPIDLY. WE SHOULD MAKE PLANS. WE SHOULD HAVE THE COURAGE. WHAT I'M PROPOSING IS A BIPARTISAN SPECIAL COMMITTEE IN WASHINGTON, HALF REPUBLICANS, HALF DEMOCRATS, THAT SAYS WE HAVE TO DO SOMETHING BEFORE 2032 TO AVERT THIS DISASTER. WHAT CAN WE DO IN A BIPARTISAN [00:05:11] Speaker ?: WAY? [00:05:11] RAND PAUL: I'M WILLING TO DO THE WORK AND I'M STILL EAGER AND PUSHING LEADERSHIP TO DO SOMETHING ABOUT THIS. FAIR ENOUGH. [00:05:19] Speaker 1: WE COVERED A LOT OF TERRITORY IN A LIMITED AMOUNT OF TIME. WE ALWAYS LIKE THAT. THANKS VERY MUCH, SIR.