MSNBC "The Ed Show" - Transcript: On Social Security

Interview

BREAK IN TRANSCRIPT

SCHULTZ: Joining me tonight Senator Bernie Sanders. Senator, good to have
you with us tonight.

Senator, I want you tell us about testimony that you heard on the hill this
week from someone who I think is pretty much out of touch and very wealthy,
what does you hear?

SANDERS: Well, former Governor of Michigan, John Engler, came before the
Budget Committee, representing the business round table. And what we
discovered, the business round table consists of CEO`s of the largest
corporations in America. It turns out that the retirement benefits that
they will receive are about $88,000 a month, over a million dollars a year
in retirement benefits. And the business round table, Corporate America,
came before the committee and said, "You know what? You should cut Social
Security for people who are trying to survive on $14,000 a year." And I
told them that is advice that I, certainly, I`m not going to take.

SCHULTZ: So the business round table -- why would someone that wealthy, of
that position want to mettle (ph) into Social Security program that is has
been so successful?

SANDERS: Well, I think it is part of the corporate class welfare against
working families and elderly (ph). And what they want to do essentially,
and that`s what they said at the hearing, they want to cut Social Security,
they want to cut Medicare, and surprise of all surprise they want to reduce
taxes for the wealthiest people in this country and the largest
cooperation`s. That is their agenda.

SCHULTZ: We have seen this movie before, now what is your bill going to
do? Is this going to remove the cap for wealthy or Americans to -- they
give the program more solvency in the out-years? Tell us about it.

SANDERS: Yeah. The answer is yes. But what we should all understand, if
Congress does nothing and Congress in my view is got to act to that
quickly, Social Security which has $2.8 trillion surplus in the trust fund
can pay out every benefit owe to every eligible American for the next 18
years.

What my legislation would do is to two things. Number one, it would extend
make Social Security solvent until the year 2060, 45 years from now.
Second of all, it would expand benefits by about $65 per month for most
beneficiaries.

The other thing that I would do, Ed, is change the formulation as to how we
adjust COLAS. Because right now, I think the way we do it is unfair to
seniors and underestimate inflation for what seniors purchase.

SCHULTZ: You anticipate this being a hot issue in 2016? I mean, are they
that adamant about getting this done?

SANDERS: Well, I tell you. All I can tell you is that, in three out of
the four hearings that we have had on the budget committee, the Republicans
have brought forth witnesses when one way or another are talking about
cutting Social Security.

The Koch brothers who as you know fund a lot of the Republican Party from
way back when...

SCHULTZ: Yeah.

SANDERS: ... our adamant that the federal government should not be involve
in retirement benefits that Social Security should be privatize.

SCHULTZ: All right. Senator Bernie Sanders always great to have you with
us, I appreciate your time tonight. Keep up the good fight. Reverend Al
and "Politics Nation" are next.

END TRANSCRIPT

Source