WEBVTT

1
00:00:00.400 --> 00:00:03.279
<v Speaker 1>Welcome to another edition of Checks on the Right podcast.

2
00:00:03.520 --> 00:00:07.440
<v Speaker 1>We are here with our BFF, our financial BFF and

3
00:00:07.519 --> 00:00:10.960
<v Speaker 1>BFF Zach from Bulwark Capital. I've been working since i

4
00:00:11.000 --> 00:00:13.599
<v Speaker 1>was fourteen years old. Do you think I'm going to

5
00:00:13.720 --> 00:00:17.800
<v Speaker 1>get Social Security? Because this is what irritate you.

6
00:00:17.839 --> 00:00:18.960
<v Speaker 2>Do you think I'm gonna get?

7
00:00:19.000 --> 00:00:21.239
<v Speaker 3>Yeah? I think if you're over fifty years old, do

8
00:00:21.239 --> 00:00:22.120
<v Speaker 3>you have nothing to worry about?

9
00:00:22.399 --> 00:00:26.000
<v Speaker 2>Really? And it's the people under fifty that do yeah.

10
00:00:26.120 --> 00:00:27.039
<v Speaker 3>And here's why.

11
00:00:28.199 --> 00:00:30.480
<v Speaker 4>So this is the cruel reality of the way we're

12
00:00:30.879 --> 00:00:33.159
<v Speaker 4>of the world we're in. And this is one of

13
00:00:33.159 --> 00:00:35.520
<v Speaker 4>the things that is endlessly frustrating to me. When we're

14
00:00:35.520 --> 00:00:38.640
<v Speaker 4>talking about debt, when we're talking about deficits, when we're

15
00:00:38.679 --> 00:00:42.520
<v Speaker 4>talking about financing healthcare of illegal immigrants, nobody ever wants

16
00:00:42.560 --> 00:00:48.799
<v Speaker 4>to talk about fiscal constraints, right, So, now there is

17
00:00:48.840 --> 00:00:52.479
<v Speaker 4>a constraint there if you look at Social Security, If

18
00:00:52.479 --> 00:00:54.640
<v Speaker 4>we looked at Social Security the way that we look

19
00:00:54.640 --> 00:00:56.119
<v Speaker 4>at a corporation, we would say.

20
00:00:55.960 --> 00:00:57.880
<v Speaker 3>It's defunct and bankrupt right now totally.

21
00:00:58.079 --> 00:01:00.479
<v Speaker 4>And the reason we say that is it's all blaations

22
00:01:00.520 --> 00:01:04.000
<v Speaker 4>far exceed its ability to pay right, So it's technically

23
00:01:04.000 --> 00:01:08.200
<v Speaker 4>in default down but when we did the lock box,

24
00:01:08.239 --> 00:01:10.640
<v Speaker 4>when we undid the quote unquote lock box, when social

25
00:01:10.599 --> 00:01:16.359
<v Speaker 4>Security was started, these Social Security owned the Social Security

26
00:01:16.400 --> 00:01:19.359
<v Speaker 4>payments and that was effectively what they referred to as

27
00:01:19.400 --> 00:01:22.680
<v Speaker 4>the lock box at that time Okay, well early sixties,

28
00:01:22.719 --> 00:01:26.640
<v Speaker 4>when they quote unquote rated the lock box, social Security

29
00:01:26.640 --> 00:01:29.760
<v Speaker 4>payments became a general obligation of the federal government, just

30
00:01:29.840 --> 00:01:33.439
<v Speaker 4>like government bonds are, okay, which means that they are

31
00:01:33.480 --> 00:01:37.079
<v Speaker 4>not They are no longer secluded to just Social Security.

32
00:01:37.159 --> 00:01:37.760
<v Speaker 3>So in my.

33
00:01:39.480 --> 00:01:44.079
<v Speaker 4>Mind, when people say social Security is bankrupt, they're right,

34
00:01:44.439 --> 00:01:47.359
<v Speaker 4>but they're not in the sense that it's a Social

35
00:01:47.400 --> 00:01:50.480
<v Speaker 4>Security is no more bankrupt than the federal government's right.

36
00:01:50.840 --> 00:01:55.280
<v Speaker 4>And bankrupt by definition is the inability to pay your debts. Well,

37
00:01:55.680 --> 00:01:58.359
<v Speaker 4>because all of our debts are denominated in US dollars,

38
00:01:58.560 --> 00:02:02.840
<v Speaker 4>we are not bankrupt, okay, So meaning not paying Social

39
00:02:02.879 --> 00:02:06.079
<v Speaker 4>Security is a political decision, not a financial at least

40
00:02:06.159 --> 00:02:07.719
<v Speaker 4>right now in the current construct.

41
00:02:07.760 --> 00:02:08.120
<v Speaker 3>Okay.

42
00:02:08.360 --> 00:02:11.719
<v Speaker 4>Now, we also know that baby boomers are the largest

43
00:02:11.800 --> 00:02:14.960
<v Speaker 4>voting block in the country. So bottom line is this,

44
00:02:15.639 --> 00:02:19.960
<v Speaker 4>anybody that goes out, regardless of the veracity, efficacy, or

45
00:02:20.000 --> 00:02:24.120
<v Speaker 4>whatever of their plan to save Social Security, if the

46
00:02:24.199 --> 00:02:27.960
<v Speaker 4>saving of Social Security is a reduction or an elimination

47
00:02:28.080 --> 00:02:30.400
<v Speaker 4>of a payment to anybody that is a baby boomer.

48
00:02:30.719 --> 00:02:34.479
<v Speaker 4>Whoever makes that proposition will not get elected by Yeah.

49
00:02:34.520 --> 00:02:36.919
<v Speaker 3>It is truly the third rail in American politics.

50
00:02:37.039 --> 00:02:43.680
<v Speaker 4>Yeah, So what will happen is eventually, if everybody's like

51
00:02:43.719 --> 00:02:46.960
<v Speaker 4>in nineteen or by twenty thirty two, they'll just print

52
00:02:47.000 --> 00:02:47.319
<v Speaker 4>the money.

53
00:02:47.319 --> 00:02:48.479
<v Speaker 3>Guys, it's general omination.

54
00:02:49.840 --> 00:02:52.520
<v Speaker 4>They'll print the money. And what they will do when

55
00:02:52.520 --> 00:02:56.360
<v Speaker 4>they finally curtail it is they will grandfather in people.

56
00:02:56.879 --> 00:02:59.120
<v Speaker 4>Usually in the past fifty years old has been kind

57
00:02:59.159 --> 00:03:01.240
<v Speaker 4>of the mark to make the most sense to me.

58
00:03:01.599 --> 00:03:04.000
<v Speaker 3>And what they will say is you under the age.

59
00:03:04.039 --> 00:03:07.039
<v Speaker 4>And it'll probably be done along the lines of political calculus,

60
00:03:07.080 --> 00:03:10.919
<v Speaker 4>meaning where can we make that demarcation point where the

61
00:03:11.000 --> 00:03:13.719
<v Speaker 4>people below it don't really care because it's so far away.

62
00:03:13.919 --> 00:03:16.759
<v Speaker 4>Oh my, And that's that's probably how the decision will

63
00:03:16.800 --> 00:03:19.759
<v Speaker 4>get made. But my whole thing is, I'm forty three.

64
00:03:21.319 --> 00:03:22.960
<v Speaker 4>I will doubt that I.

65
00:03:22.960 --> 00:03:25.560
<v Speaker 3>Will end up getting a single payment of Social Security.

66
00:03:25.599 --> 00:03:28.599
<v Speaker 2>But you're paying into it. That's what's so absurd.

67
00:03:29.120 --> 00:03:33.039
<v Speaker 4>Oh, I'm paying in tons and and But my guess is,

68
00:03:34.360 --> 00:03:38.240
<v Speaker 4>and I would bet my house that you will get

69
00:03:38.280 --> 00:03:38.840
<v Speaker 4>every bit.

70
00:03:38.719 --> 00:03:40.319
<v Speaker 3>Of Social Security that you're currently looking.

71
00:03:40.120 --> 00:03:40.520
<v Speaker 4>At right now.

72
00:03:40.520 --> 00:03:41.719
<v Speaker 2>That is such an I love here.

73
00:03:41.759 --> 00:03:44.400
<v Speaker 1>I mean, I love hearing your perspective on that, because

74
00:03:44.439 --> 00:03:47.439
<v Speaker 1>I always I've been thinking for the past, you know,

75
00:03:47.479 --> 00:03:49.159
<v Speaker 1>however many years, There's just no way I'm going to

76
00:03:49.240 --> 00:03:49.479
<v Speaker 1>get it.

77
00:03:49.479 --> 00:03:50.960
<v Speaker 2>There's no way because these people suck.

78
00:03:51.439 --> 00:03:53.800
<v Speaker 1>They're going to screw it up, you know they and

79
00:03:53.840 --> 00:03:56.159
<v Speaker 1>they will screw it up obviously because you're not going

80
00:03:56.240 --> 00:03:58.120
<v Speaker 1>to get it, and you should get it. It's your

81
00:03:58.199 --> 00:04:01.319
<v Speaker 1>daying money, your money, right right right, We would have

82
00:04:01.319 --> 00:04:02.960
<v Speaker 1>been better off if somebody would have taken that much.

83
00:04:03.039 --> 00:04:04.919
<v Speaker 1>We could have taken it, or we could have invested it,

84
00:04:05.000 --> 00:04:06.439
<v Speaker 1>kind of like what Trump, I think, at the beginning

85
00:04:06.479 --> 00:04:08.439
<v Speaker 1>of his trum memory said, let's give these babies like

86
00:04:08.520 --> 00:04:12.039
<v Speaker 1>investment accounts and member, well the Trump baby.

87
00:04:13.000 --> 00:04:16.199
<v Speaker 4>And here, just to get everybody a little bit more frustrated,

88
00:04:16.279 --> 00:04:19.000
<v Speaker 4>here's the irony. Right, Remember I said that that social

89
00:04:19.040 --> 00:04:21.360
<v Speaker 4>Security is now a general obligation debt of the of

90
00:04:21.399 --> 00:04:24.079
<v Speaker 4>the US government, right, which is the exact same type

91
00:04:24.120 --> 00:04:27.279
<v Speaker 4>of debt. It's the way that we characterize government bonds. Okay,

92
00:04:27.800 --> 00:04:32.120
<v Speaker 4>So here's the frustrating part. If everybody, if you work

93
00:04:32.160 --> 00:04:34.399
<v Speaker 4>a full career, so you start working at age eighteen,

94
00:04:34.480 --> 00:04:35.839
<v Speaker 4>you work to the age of sixty five.

95
00:04:36.600 --> 00:04:39.040
<v Speaker 3>And if they would have just taken.

96
00:04:38.720 --> 00:04:44.279
<v Speaker 4>Your Social Security payments and invested them in US government bonds, right,

97
00:04:44.319 --> 00:04:48.360
<v Speaker 4>Remember it's the exact same type of debt. Okay, had

98
00:04:48.439 --> 00:04:51.600
<v Speaker 4>we just taken that amount of money invested in the

99
00:04:51.759 --> 00:04:55.800
<v Speaker 4>US government bonds, the return of the US government bonds.

100
00:04:56.000 --> 00:04:57.680
<v Speaker 3>All of us are ours.

101
00:04:57.879 --> 00:05:00.519
<v Speaker 4>If you worked from eighteen to sixty five, your Social

102
00:05:00.519 --> 00:05:03.439
<v Speaker 4>Security benefit would be double what it currently was.

103
00:05:03.600 --> 00:05:04.879
<v Speaker 2>Oh my gosh.

104
00:05:04.920 --> 00:05:08.439
<v Speaker 4>So what that means is our government has been giving

105
00:05:09.040 --> 00:05:12.839
<v Speaker 4>twice as good outcome do external debt holders as they

106
00:05:12.839 --> 00:05:14.600
<v Speaker 4>have to their own citizens and internal debt.

107
00:05:14.879 --> 00:05:17.000
<v Speaker 2>I'm not shocked by that. I'm not. It's just not

108
00:05:17.079 --> 00:05:18.279
<v Speaker 2>shocking at all. It's not.

109
00:05:18.800 --> 00:05:21.399
<v Speaker 1>I mean, who's shocked by them doing that when they

110
00:05:21.480 --> 00:05:25.680
<v Speaker 1>want to give freebies to everybody, they protect illegals and

111
00:05:25.720 --> 00:05:27.600
<v Speaker 1>criminals over us crying out.

112
00:05:27.680 --> 00:05:33.120
<v Speaker 4>Yeah, And meanwhile, the spending orgy on Washington d C continues.

113
00:05:33.839 --> 00:05:36.160
<v Speaker 4>Politicians on both sides of the side of the aisles

114
00:05:36.160 --> 00:05:38.879
<v Speaker 4>get rich, and the average person sitting at home doesn't

115
00:05:38.879 --> 00:05:42.959
<v Speaker 4>realize that their government just gave them half the return

116
00:05:44.519 --> 00:05:47.120
<v Speaker 4>on their investment. Then they give to external that is

117
00:05:47.240 --> 00:05:51.360
<v Speaker 4>just investors, and it shouldn't be that way.

118
00:05:51.439 --> 00:05:54.360
<v Speaker 1>It's completely wrong. And people have one retirement and that's

119
00:05:54.360 --> 00:05:56.839
<v Speaker 1>why they need to talk to you, Zach. How can

120
00:05:56.879 --> 00:05:59.160
<v Speaker 1>people find you? Tell them all about how awesome you

121
00:05:59.160 --> 00:06:00.000
<v Speaker 1>are because you're awesome.

122
00:06:01.079 --> 00:06:03.240
<v Speaker 4>Well, I can tell you how easy we are to find.

123
00:06:03.279 --> 00:06:07.600
<v Speaker 4>So go to Bulwarkapitalmanagement dot com or Know Your riskpodcast

124
00:06:07.720 --> 00:06:08.360
<v Speaker 4>dot com.

125
00:06:08.680 --> 00:06:11.000
<v Speaker 3>You can sign up there subscribe to our podcast. We

126
00:06:11.079 --> 00:06:11.680
<v Speaker 3>do it once a day.

127
00:06:11.720 --> 00:06:14.040
<v Speaker 4>It's about twenty five to thirty five minutes, go over

128
00:06:14.079 --> 00:06:16.399
<v Speaker 4>everything that matters in the world of finance or any

129
00:06:16.439 --> 00:06:19.959
<v Speaker 4>politics related to finance or investing. And then just today

130
00:06:20.360 --> 00:06:22.240
<v Speaker 4>did about an hour long interview with a buddy of

131
00:06:22.279 --> 00:06:22.680
<v Speaker 4>mine that just.

132
00:06:22.680 --> 00:06:24.720
<v Speaker 3>Put out a book about Warren Buffett.

133
00:06:25.759 --> 00:06:28.839
<v Speaker 4>Put out interviews with specialists and folks in the industry

134
00:06:28.839 --> 00:06:31.399
<v Speaker 4>about once a week, and yeah, between those you can

135
00:06:31.399 --> 00:06:33.720
<v Speaker 4>find out everything to know about Bulwark Capital Management and

136
00:06:33.720 --> 00:06:36.720
<v Speaker 4>hopefully you'll become a client and you know, we can

137
00:06:36.759 --> 00:06:38.399
<v Speaker 4>all don't make a lot of money.

138
00:06:38.279 --> 00:06:38.800
<v Speaker 1>Together, hopefully.

139
00:06:38.920 --> 00:06:41.199
<v Speaker 2>Yeah, skater around the social security all that.

140
00:06:41.480 --> 00:06:42.120
<v Speaker 3>Well, there you go.

141
00:06:42.160 --> 00:06:44.319
<v Speaker 4>An take advantage is so many of these other things, right,

142
00:06:44.399 --> 00:06:47.720
<v Speaker 4>like that in these era of governments running out of money,

143
00:06:47.720 --> 00:06:50.360
<v Speaker 4>there's also all these wonderful investments that can protect you

144
00:06:50.439 --> 00:06:52.240
<v Speaker 4>from it and rapping a heck of a year.

145
00:06:52.279 --> 00:06:53.680
<v Speaker 3>And hopefully we can tell you why.

146
00:06:54.079 --> 00:06:56.399
<v Speaker 2>Yes, thank you, Zach, appreciate you, Thank you.

147
00:06:57.399 --> 00:07:00.399
<v Speaker 3>Investment Advisory services offered through Track Financial LLOC, an SEC

148
00:07:00.480 --> 00:07:01.560
<v Speaker 3>registered investment advisor.

149
00:07:01.600 --> 00:07:03.759
<v Speaker 4>The opinions expressed in this program are for general informational

150
00:07:03.759 --> 00:07:05.959
<v Speaker 4>purposes only and are not intended to provide specific advice

151
00:07:06.040 --> 00:07:08.600
<v Speaker 4>or recommendations for any individual or on any specific security.

152
00:07:08.600 --> 00:07:10.600
<v Speaker 4>Any references to performance of security so are thought to

153
00:07:10.639 --> 00:07:12.800
<v Speaker 4>be materially accurate, and actual performance may differ.

154
00:07:12.839 --> 00:07:15.319
<v Speaker 3>Investments involve risk and are not guaranteed. Past performance doesn't

155
00:07:15.319 --> 00:07:17.480
<v Speaker 3>guarantee future results. Track twenty four to three zero eight