The Socialist Program with Brian Becker
Wall Street’s Dream Is Privatizing Social Security & Medicare…But They’re Here to Stay!
May 8, 2024
Professor Richard Wolff discusses the financial solvency of Social Security and Medicare, exposing fear-mongering tactics. They explore the historical origins of these programs and the ongoing debate on their stability. The podcast highlights the inequality in funding and the dangers of privatizing these essential social safety nets.
25:00
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Quick takeaways
- Labor unions and socialist parties played a pivotal role in establishing Social Security during the Great Depression to provide a safety net for retirees.
- Resistance towards Social Security and Medicare stems from profit-driven ideologies advocating privatization, posing risks of market volatility and fees for retirees.
Deep dives
Origin and Significance of Social Security and Medicare Programs
The Social Security program was established during the Great Depression to address the dire economic conditions and high unemployment rates. Labor unions, socialist and communist parties, during that period pushed for its creation to provide a safety net for retirees. This support was pivotal, leading to the establishment of Social Security. Similarly, Medicare, although less comprehensive than other countries' healthcare systems, provides essential coverage, especially for those over 65. The popularity of these programs stems from their crucial role in supporting millions of American families, preventing poverty among the elderly, and relieving financial burdens on younger generations.
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