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Ron Johnson: “There really isn't a trust fund for Social Security.”

Featuring: Ron Johnson, Republican | U.S. Senate, Wisconsin

Senator Johnson on Squawk Box

Published December 5, 2011 | Video Starts at 06:37

Now if we want to start calling it tax, if we want to start saying that Social Security really is welfare. It's really not funded and it isn't. … There really isn't a trust fund for Social Security. … government bonds, which really isn't a real asset to the United States or to the government. (06:37–06:43)

CLAIM

Asserts that there is no actual trust fund for Social Security.

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.

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Ron Johnson

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“There is $1.75 trillion in regulatory costs from 2008.”
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“Since 2008, we've passed 11,000 new rules and regulations.”
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“80% of incomes over a million dollars show business income.”
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“We are bankrupting this nation and we are. I mean, $15 trillion worth of debt equal the size of the [economy].”
Senator Johnson on Squawk Box | Uploaded December 5, 2011 | 08:07-08:14
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Senator Johnson on Squawk Box | Uploaded December 5, 2011 | 03:32-03:36
“The payroll tax is a contribution to the retirement fund, not a tax.”
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“I introduced a bill that just enact the things people agreed on...That saved us $655 billion.”
Senator Johnson on Squawk Box | Uploaded December 5, 2011 | 08:19-08:36
“The true cost of Obamacare that's going to be costing trillions of dollars in the next 10 years.”
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“A short term decrease in the payroll tax is simply making Social Security less sustainable.”
Senator Johnson on Squawk Box | Uploaded December 5, 2011 | 08:57-09:04
“Ask him why he wants to bankrupt Social Security.”
Senator Johnson on Squawk Box | Uploaded December 5, 2011 | 11:04-11:07