Understanding Social Security: Myths and Realities

What is one of the wild claims about Social Security mentioned in the introduction?

• Social Security is only available in certain states.

• Social Security is a new program.

• Social Security pays benefits to people over 112 years old.

• Social Security is only for the wealthy.

How many consecutive years has the Social Security Administration passed financial audits?

• 31 years

• 50 years

• 10 years

• 20 years

What database was incorrectly cited as evidence of Social Security fraud?

• Federal Reserve Database

• Social Security Payment System

• Master Beneficiary Record

• Numidant Database

What percentage of calls to the SSA are actually about direct deposit fraud?

• 40% of all calls

• 60% of fraud-related calls

• 40% of fraud-related calls

• 60% of all calls

Why might some powerful individuals want to privatize Social Security?

• To eliminate Social Security entirely

• To increase government control

• To reduce taxes

• To allow Wall Street to manage the funds

What is the current overhead cost percentage for the SSA?

• Less than 1%

• 5%

• 10%

• 15%

What is a proposed solution to address the potential depletion of the Social Security trust fund?

• Lowering the retirement age

• Raising the cap on payroll taxes

• Eliminating Social Security benefits

• Increasing the number of SSA employees

What does the Social Security trust fund primarily hold?

• Cryptocurrency

• Treasury bonds

• Real estate assets

• Gold reserves

What is a major challenge faced by the SSA in terms of technology?

• Lack of interest in modernization

• Outdated systems due to insufficient funding

• Excessive modernization efforts

• Too many employees

What is the core principle of Social Security according to the video?

• It is only for retirees

• It is a temporary program

• Everyone pays in and everyone benefits

• Only the wealthy benefit