tv Key Capitol Hill Hearings CSPAN August 15, 2015 2:00am-4:01am EDT
holds extraordinary promise. economically, we live in a world where hundreds of millions of people by the things we make and the services we offer. they are prepared to invest with us and partner with us. we have never had a global economy with so many people that buy things and invest. we can be a big winner. it is not a zero-sum game. i am optimistic about that and all over the world people are aspiring towards liberty and freedom. for example, the ability to radicalize americans, imposes threats, but also provides opportunity. these are positive developments. our choices, do we harness of them and lead, or are we overwhelmed americans are insecure about tomorrow. the world is changing. the economy is undergoing a transformation, not a downturn. it is like the industrial revolution happening every five years.
are we going to embrace it, or ignore it and get left behind. the world is teaching, but it still requires american leadership. in the absence of leadership, that leads to a vacuum and that leads to chaos. we never asked for the job of being a global leader, but fate has given it to us. we must accept it or the world will become a darker, more difficult place to live in. in the absence of leadership, there is no one to take our place. it makes the world more dangerous. [applause] [applause] >> within that inspirational closing, we should let senator rubio get on with the rest of his day. he will be on air and less than 10 minutes across street. let's please let senator go out. [applause]
[applause] and of course thanking all of you for joining us. have a wonderful day. >> there was plenty of attention on cuba today with secretary of state john kerry traveling to the country for the reopening of the embassy there. it was the first visit by a u.s. secretary of state since 1945 and comes nearly a month after that the u.s. and cuba normalized relations. this ceremony in havana is 35 minutes. [captions copyright national cable satellite corp. 2015] [captioning performed by the national captioning institute, which is responsible for its caption content and accuracy. visit ncicap.org]
>> please be seated. good morning. it is my great honor to welcome everyone to the embassy of the united states in havana. [applause] [speaking spanish] thank you, secretary kerry, coast guard commandant, assistant secretary jacobson, and all other executive branch officials, as well as members of congress for being here today. i would like to welcome the official cuban delegation and i would like to give special recognition to the marine
detachment to the embassy of havana, 1961. [applause] and marine security detachment to the embassy of havana, 2015. [applause] many of you worked very hard to make this day happen and i thank all of you for coming, from near and far. and how far we have come. in the few short months since our president's announcement in
december, the united states and cuba have already established diplomatic relations and an important foundation for the future. and of course, there is the added addition of the new sign on this building. i began my own foreign service career in 1991 in this building when it was called something else. at that time, i never imagined we would see our flag raised. [applause] it is a long, complex road to travel, but it is the right road. in many ways, no one has traveled greater distance to be here then poet richard blanco. he has written an original poem to mark the special occasion.
he is the fifth presidential inaugural poet in u.s. history. president obama has said, "blanco's contributions to poetry and the arts have already paved the path forward for future generations of writers." today's about the future. please join me in welcoming richard blanco. [applause] richard: for the people of both our countries who believe not even the sea can keep us from one another. matters of the sea. [speaking spanish] the sea doesn't matter. what matters is this.
we all belong to the sea between us. all of us, once and still the same child marvels over starfish, listens to hollow shells, scopes dreams into impossible castles we have all been lovers, holding hands, strolling down either of our shores, our footprints vanish in waves that do not know their berth or care on which country they break they break they bless us and return to the sea home to all of our silent wishes no one is the other to the other to the sea
whether on island or vast continent, remember our grandfathers their hands dug deep into the red or brown earth, planting maple or mango trees that outlived them our grandmothers counting years while dusting photos of their wedding days those brittle family faces still alive on our dressers now our mothers teaching us how to read in spanish or english how to tie our shoes how to gather fall's colors our fathers warmed by the weight of cloud plotting into factories or cutting sugarcane to earn a new life for us my cousins and i now scouting
the same stars above skyscrapers or palms waiting for time to stop and begin again when rain falls, washes away through rivers or streams back to the sea no matter what anthem we sing we have all walked barefoot and bare-soled among the soar and dive of the seagulls cries our lips anointed by the same spray of salt laden wind we have fingered memories and regrets like stones in our hands that we just can't toss yet yet we have all held seashells up to our ears
it is now my very great honor to introduce the secretary of state of the united states john kerry. [applause] secretary kerry: please be seated, everybody. thank you very, very much. [speaking spanish] i'm sorry we are a little late today. but what a beautiful ride in and it is great to be here. i thank you for leaving my future transportation out here and back of me. [laughter] members of the cuban delegation, thank you for your leadership and all of the work of your distinguished members of the cuban delegation, thank you for all of your leadership and all of the work of your delegation. my colleagues, past and present,
ambassador delaurentis, all of the embassy staff, those watching around the world -- thank you for joining us at this very historic moment as we prepare to raise the united states flag here our industry in -- at our embassy in havana, symbolizing the reestablishment of diplomatic relations after 54 years. this is also the first time that a united states secretary of state has been to cuba since 1945. [applause] this morning, i feel very much at home here and i am grateful to those who have come to share in the ceremony, standing out around our facilities. i feel at home here because this is truly a memorable occasion. a day for pushing aside old barriers and exploring new possibilities.
my friends, we are gathered here today because our leaders -- president obama and president castro -- made a courageous -- decision to stop being the prisoners of history, and to focus on the opportunities of today and tomorrow. this doesn't mean that we should or will forget the past. how could we after all? at least for my generation, the images are indelible. 1959, fidel castro came to the united states and was greeted by enthusiastic crowds. returning the next year for the un's general assembly, he was embraced by then soviet premier nikita khrushchev. in 1961, the bay of pigs tragedy unfolded, with president kennedy accepting responsibility.
then in october 1962, the missile crisis arose, 13 days that pushed us to the very threshold of nuclear war. i was a student then, and i can still remember the faces of our leaders, the grim maps showing the opposing ships, the approaching deadline, and that peculiar word -- quarantine. we were unsettled and uncertain about the future, because we did not know when closing our eyes at night what we would find when we woke up. in that frozen environment, diplomatic ties between washington and this capital city were strained, then stretched thin, then severed.
in late 1960, the u.s. ambassador left havana. early the following january, cuba demanded a big cut in the size of our diplomatic mission, and president eisenhower decided he had no choice but to shut the embassy down. most u.s. staff departed quickly, but if you stayed few stayed behind to hand the keys over to our swiss colleagues, who would serve diligently and honorably as are protecting power for more than 50 years. i just met with the foreign minister, and we are grateful to switzerland always for their service and their help. [applause] among those remaining at the embassy were three marine guards -- larry, mike, and jim. as they stepped outside, they were confronted by a large crowd standing between them and the flagpole.
tensions were high. no one felt safe. but the marines had a mission to accomplish. slowly, the crowd just parted in front of them as they made their way to the flag pole, lowered old glory, folded it, and return ed to the building. they had done their jobs, but they had also made a bold promise, that one day, they would return to havana and raise the flag again. [applause] at the time, no one could have imagined how distant that day would be. for more than half a century, u.s. cuban relations have been suspended in the amber of cold war politics. in the interim, a whole generation of americans and cubans have grown up and grown old. the united states has had 10 new presidents.
in a united germany, the berlin wall is a fading memory. freed from soviet struggles, central europe is home again to democracy. and last week i was in hanoi to mark the 20th anniversary of normalization between the united states and vietnam. think about that. a long and terrible war that inflicted indelible scars on body and mind, followed by two decades of mutual healing, followed by another two decades of diplomatic and commercial engagement. in this period, evolved from a country torn apart by violence into a growing economy. in all that time, through reconciliation, through normalization, cuban-american relations remained locked in the past.
meanwhile, new technologies enable people everywhere to benefit from shared projects across vast stretches of ocean and land. my friends, it does not take a gps to realize the road of andal isolation estrangement the united states and cuba were traveling is not the right one. in the united states, it means recognizing that u.s. policy is not the angle on which cuba's on whichll -- anvil cuba's future will be forged. decades and good intentions aside, the policies of the past have not led to a democratic transition in cuba. it would the equally unrealistic -- would be equally unrealistic
to expect normalizing relations to have, in the short term, that impact. cuba's future is for cubans to shape. accountability rests, as it should, not with any outside entity, but solely within citizens of this country. but the leaders in havana and the cuban people should also know that the united states will always remain a champion of democratic principles and reforms. like many other governments, we the cubannue to urge government to fulfill obligations under the u.n. and human rights governance, obligations shared by the u.s. and every other country in the americas. besteople of cuba would be served by genuine democracy, where people are free to choose their leaders and express their ideas, practice faith with social justice, realize more
fully where institutions can answer what they deserve. let me be clear. the establishment of normal diplomatic relations is not something that one government does as a favor to another. it is something that two countries do together when the citizens will both benefit. and in this case, the reopening of embassies is important on two levels. people to people, government to government. we believe it is helpful for the first, people of our nations to learn more about each other. to meet each other. that is why travel from the u.s. to cuba has increased 35% since january and continues to grow. it will create opportunities for the rising number of entrepreneurs.
and we are encouraged that u.s. firms are interested in helping. and that the government here recently pledged to create dozens of new and more affordable wi-fi hotspots. we also want to acknowledge the special role of the cuban-american community is playing in establishing a new relationship between our countries. in fact, we have with us this morning representatives of that community. some who were born here and some born in the u.s. with strong ties of culture and family, they can contribute to the spirit of bilateral cooperation that we are seeking to create. just as they have contributed to their adopted land. the restoration of diplomatic ties will make it easier for governments to engage. after all, we are neighbors.
muchbors will always have to discuss in areas like migration policy, disaster preparedness, protecting marine environment and more complex issues. having normal relations makes it easier for us to talk. been -- deepen understanding when we know we will not see i tie on not see eye do i -- to eye on everything. notwithstanding president obama's new policy, the overall u.s. embargo remains in place. they can only be listed by congressional action. a step that we strongly favor. [applause] for now, the president has taken steps to ease restrictions on exports and imports to help
cuban entrepreneurs on telecommunications and family travel. the goal of all of these changes is to help cubans connect to the world. and to improve their lives. just as we are doing our part, we urge the cuban government to make it less difficult to their citizens to start businesses and engage in trade, access information online. the embargo has always been something of a two-way street. both sides need to remove restrictions that have held us back. before closing, i want to sincerely thank leaders throughout the americas who have long urged the united states and cuba to restore normal ties. i thank the holy father, pope
francis, and the vatican for supporting relations between our countries. i think it is not accidental. i applaud president obama and president castro both for having the courage to bring us together in the face of considerable opposition. i'm grateful to roberta jacobson and her team and our counterparts with the cuban foreign ministry. and hishief of mission staff for all of the hard work that has led up to this day. staff,ay to the embassy if you think you have been busy this past month, hold onto your seatbelt. [laughter] but above all, i want to pay tribute to the people of cuba. and to the cuban-american
community's in the united states. said, "everything that divides men is a sin against humanity." clearly, the events of the past, the harsh words, the provocative the human tragedies, have all been a source of deep division that has diminished our common humanity. they have been too many days of sacrifice and sorrow. too many decades of suspicion and fear. that is why i have been heartened by many on both sides. whether because of family ties or a simple desire for something more productive. they have endorsed this search for a better path. we have begun to move down that path without any illusions about how difficult it may be. we are each confident in the -- in our intentions and in the
-- contacts we have made and pleased in the friendships we have forged. the time to reach out to one another as people who are no longer enemies or rivals, but neighbors. time to unfurl our flags and raise them up and let the world know that we wish each other well. [speaking spanish] it is with that in mind, that i
turn now to the marines, 54 years ago you marines promised to return and poised the sec. kerry: today i invite you to fulfill the pledge by presenting the stars & stripes to be raised by our current military detachment. this is your cue to deliver on words that would make any diplomat proud, just as they would any member of the u.s. marine corps. a promise made, promise kept. thank you. [applause] >> ladies and gentlemen, please rise for the raising of the flag
on american history tv, sunday morning, with many presidential candidates visiting the eye with state fair we will learn about the fair's history and its tradition as a stop toward the white house. evening, on the civil the 1864 course the on apple mobile bay, and the closing of one of the confederacy's last major ports. did our complete schedule at www.c-span.org. >> first lady taft raised funds for victims of the titanic.
future of the he system and taking retirement questions with sharon epperson senior personal finance correspondent. social security turns 80 today. what do you think its chances 100th making it its birthday? guest: it is very good. there are concerns whether the available andl be for everyone in 2034 is what it may be ying when depleted but there will still be benefits available. changes ion is what will have to be made longer term to make sure social security is the next 100 r years. host: for our viewers give us a eminder of how social security is funded. guest: social security is taken out of your paycheck. it is based on the 35 years that ou are working throughout your career different jobs you have had. calculate it on that history and it is taken out of d on a certain amount
pay. if you make a certain amount close to $120,000 that social payment you put in symptoms but you build your based security benefits on what you pay into the system during your working years. and reach full retirement age at 65 for many or 67 you can get the full benefit and right now that $2,000 a year.r itt: if changes come to keep athoet do you think they will come from increased payroll decreasing the amount of benefits looking ahead beyond?and guest: some of the things they looking at those are two that may happen but another one tothe age where you are able get your full social security benefit and raising that another way e is that many suggest we will have
the system.n host: speaking of ages for viewers we are splitting up the this morning. age if you want to talk about the future social security or have the retirement planning sharon epperson of cnbc them.e to answer under 30202-748-8000. 50 over, 748-8001 and 202-748-8002 fp 202-748-8002. who e we get to calls should be most worried about potentially seeing cuts to their benefits in the future? one of those phone lines? guest: the younger generation are always als concerned whether or not social security will be there for them. t is the generation that is probably most wanting to see some type of guaranteed income them. so it is unfortunate that study after study shows people between
18 to 35 looking forward to one day having some questioned income but the question is whether or not social security will be there for them in the form we are today and benefits that folks can get today. so that is a big concern. why i think a lot of young people are trying to come steady other ways to get income. host: with cnbc you do work prepare for e retirement. what are your suggestions for calculate theould potential benefits. considerations? guest: there are social security benefits and overall. of social think security as part and in some case as small part of what your retirement savings vandal should be. if you are working or if you a spouse that can put money in a retirement account very monthly, to save save biweekly with every paycheck making sure you save as
much as you can of your own money for retirement and doing and as early as possible frequently as possible. that means contributing up to he company's matching contribution in the 401-k or taking out if you are eligible a i.r.a. and fund thabg to the maximum which for many is year, $6.500. if you have extra money putting it in a taxable account earmarked for retirement and yourself first, paying yourself first. we have heard that before. that is very important. you have children as i do you want to give them the best them ve for college for but you really have to think about your retirement needs first. your is no scholarship for retirement so it is very important you save now and save you l and regularly and if just start to save it is not too late. there are catch-up contributions have to be really diligent about making sure you ut expenses so you have enough
money to save for the retirement. host: sharon epperson of cnbc. 40 minutes on the "washington journal" she hosts a cnbc digital al program "retire well" which focuses on retirement issues, sam issues we are focusing on this morning. happy to take your calls. on the lineh bonnie for those under 30 in georgetown, kentucky. caller: i want to say this me downthat someone put as under 30 but i dialed in the because i'm 77. host: happy to take your call. caller: i'm concerned. i'm a freak to watch tv. watch you all the time and senate. and social security was taken out of our check, my tkd was in 1935 when it was signed and he always talked about it and he drew social when he retired from the coal mines. the social cause
security continued was taken out of people's working checks and insurance and who has the right to change in? all ess has changed in and the put it in the general fund it to cut downng debt and used to run the iraq afghanistan war and i don't understand how congress can go conscience and take people that worked hard and i worked for general of rs at the highest rate pay 12 years and i had businesses all my life and i don't draw that. draw $1,300 and i draw my husbands. that much.aw when he passed away i went up to out at use i had taken 62 when i retired. can't understand how people think that all the people on social security is living so great because i know people that
are doing without food to buy medicine because their social t. rity check doesn't cover i don't think when this law was passed this is what it was passed for. for the working people and shouldn't have been aken out and used for anything except the poor or working poor and that is who pays most of the money in. host: sharon epperson, explain how and when can the federal touch money in the social security fund. . pbig concern that the money has taken money from social security and that trust depleted by 2034 nd the disability fund will be depleted by 2016. very big concern under shared by many. issue though at hand is congress will do with congress will do. be able to do with your money. people are concerned about what time.t main for me at my you mentioned you are nowhere $2,000.
the maximum social security benefit is a little over $2,000 can receive. many people are just like you getting well below this monthly and trying to figure out how to make ends meet. so important is people also put in their own money for retirement. in you have worked so hard your businesses working at a you should b and have social security to help you. in cost of rise living that will not be enough for many to live on. it is important to take control of your own retirement and be able to have retirement own savings. that is difficult to tell 77 relying on social security and retirement income. you have not been working for i'm sure but it is something that folks who are still working need to think about. the onlyot going to be money you will be able to live on for retirement. you will have to put some money
your own and have some stake in the game on your own in erms of building your own retirement security. host: you and the call are mentioned the disability fund. compare with the health of the social security fund overall? going to is obviously be demeeted in 2016 -- depleted it is not doing as well and that is a big concern for that fund.o rely on there are going to have to be enable made to this to people who need it to be able to access it. the concern about congress allowing some of the funds to be used for other there's going to have to be on the other side people figuring out how it can be there need it.e that host: sharon epperson with cnbc your calls. we go to mount kisko, new york. tom for those between 30 and 50.
caller: i was calling on a similar topic of the previous was, is d my question it true that the first time when congress actually changed it was a separate trust fund but 1960's cost of the vietnam war to mask the cost of the war was social security into the general fund and that is when this started. was revious caller referring to the iraq and afghanistan war but my nderstanding is this again during the vietnam war and can e traced back to need to fund war for the military empire. you : the big concern mentioned is this fund has been working purposes many people didn't anticipate. when we look at the wars and been used for,as that is the deepest concern of policemeople. the issue is how we can make sure going forward there will be
social security for those in terms of benefits for those disability and retirement benefits. that should be the folk of -- that should be the folk. host: does it surprise you polling asking when individuals retire how much they expect to rely on social showing the numbers that those who think it is going o be a minor source of what they will rely on for funding at 48% those who say a major source of income just 36%. and those who say not going to a source at 14%. those are the latest numbers from gallup this year. guest: that is not surprising to me. i meet many working people who there fork it will be them at all. that is i don't think going to be the case. fact they are thinking that way if it spurs them to on their own may be a good way to think about it. some ere is going to be
form of social security out there for many people. be a minor at will part of your overall savings or retirement security and that is the way to think about it because for many people it to be the smaller part because it won't be enough for you to live on and you will have to have some other source of income and that will have to come from the savings that you done on your own. he fact we are seeing many companies doing away with pensions if you were fortunate enough to have one that is the steady stream of guaranteed income. for most people they are having retirement on their own and the way to do that is start saving early. saying it because there is no simpler way to do it. over now, 50 and john is in lakeland, florida. caller: good morning. you had an expert on there once before about social security and
the money goes from that into a no wonder, they treasury bills at 2%. stocks t they invest in and bonds and everything else -- bonds but stocks that pay ore money and that is my comment. no wonder they are going broke. is taken by the fund.l thank you. host: another question about the of the fund right now. guest: that is a very big want on and one many who to fix social security say it perhaps is a way to change it have it invested more aggressively than the funds are at this particular time. idea going in it is that you want to have the money instruments as safe
as possible and you want it to be a questioned stream of income and you don't want to have to deal with the major market luctuations you see if it is invested in stock mutual fund and such. o, that is the rationale currently. whether or not it changes down the road we will see. it will be invested any more aggressively because again the idea is to make sure money is there for people when they need it. host: following up on the question, jeff on twitter asks how is the social ty portion of security funded? guest: the disability portion of again you have the disability fund and you have the general fund for the benefits. that disability fund is used for hose people who are able to draw on thated a show the qualifications that are needed. a..gov and to s.s. afplt
expla how you could qualify for the disability benefits and available to y be you. the same is true for your retirement benefits. in there tant to go and check to make sure you know when is your full retirement age and again it is probably not 65. likely 66 or 67. when can you withdraw your social security to get it full benefit. at 62. take it early what will it mean if you delay. s ot of good information at ssa.gov to find out what the you.fits mean for host: what do you think people should consider when trying to figure out whether to take or wait until later? guest: generally i think it is very wise to wait until later. certainly you can take retirement benefits at 62 but often as be reduced much as 30% of full retirement benefits from social security be.ld it is important to look at what the benefit would be at 66 or
67. poor health, if you really are financially strapped and need that money then maybe taking at 62 makes sense. at full retirement age or those that don't need it or delay it longer until age 70 you can see the monthly benefit increase by as 8% a year. that is really the ideal thing if you can wait but the majority people say i worked hard and we heard it with the first of thesed i worked all years and i want my money. i'm going to take my money at 62 get it.as he can the government took it and new it is mine. many thinkto be what and decide. but the reality is you are yourself short. you could get more if you waited. you look at the difference 2010 -- you look between waiting age 62 versus until 70 you could see an increase as much as 76% in
benefits. now when it is below $2,000 and getting by it may not seem like a lot but if you could make a it big difference. host: another poll to show the age do the question what you expect to retire and those who said they expect to retire of 65 at 37%, you from e the trend line up 1996 when just 14% said they 65.d retire over the age of those who said they would retire 65, 32%. those at 65 just 24%. to alan on the phone in brooklyn, new york, on the line over. host: good morning. when at the talk about what kind and services may be required to chose the budget gap gap it ose the budget upsets me the level of public nformation on reasons for a
shortfall are really very low. there's very little discussion didt the fact that not only they borrow against general funds to cut taxes on the rich administration, but basically if you compare it madoff situation when performance were told they -- wind tpaufl profits an weekendfall profits and the money was illegally gained and it there o returnen was the idea of a claw back and the money was never the property they had ho thought the windfall. he tax cuts given to people financed by money drawn from the rust fund the way i view the money taken to pay investors in the madoff fund and they should recovered from the wealthy as new taxes but the claw backs of money never really entitled to be rich who were benefiting from the tax cuts when they had to draw from a
pay the tax cuts. if people understood this they not talkinge we are about new taxes, just justice that was money essentially stole n. i think that people ought to it in those terms in to congress ng saying may we raise taxes on the wealthy. whether a matter of but when. host: do you want to comment on that? say to ne thing i would alan is one fix that many people is suggesting for security that the income level to which thisenefits you are paying social security is raised. some people have asked and we aw this question on twitter people saying wait a minute. why are the wealthy, do they social security at $120,000 when they should be pay.nuing to that is one of the fixes people
saying maybe we should lift that level to $250,000 so you taken outhaving taxes until your salary reaches so that or higher continue it ricans pay to perhaps fix the problem. ost: we go it walter on the line 50 and over. he is in culverson, north carolina. caller: yes, sir. thank you for your expertise on particular subject. guest: my pleasure. caller: i'm a retired businessman. businesses.d several 'm still part toime employee, self-employed and i have to pay in my particular
self-employment business and i of retired and semiretired business people have a class dered if not ction lawsuit could be formed against the federal government for those funds that were stolen vietnam era and o'er ras and put into the general may be recovered and tppbfund by the eliminating real estate assets government. there are thousands of government property that is just idle.g possibility?sible thank you for c-span and cnbc. thank you for watching us both and i appreciate the question. i don't really have an opinion that will or not happen. what i'm really curious about we lost the call
as a business owner and semi retired my question to you and who are self-employed how much money are putting away you our own retirement as re building the pwebusiness and profiting from the business. many best owners are very day-to-day of the business and may not be putting their own y away for retirement in the many vehicles available to you to do so. self-modesto have you looked -- if you are self-employed are you looked epp ira.ven are you putting money into an individual 401-k. amount of money that you plans is bute to the near $50,000 or more as the maximum contribution this year. but many people don't necessarily know about it nor are they doing it and some may don't really have the funds to do so but there are many ways for small business
and self-employed individuals to put money way for requiremetirement in addition to social security so they will be able to get that as part of retirement savings plan and retirement income plan when they are fully retired. host: we go to maryland where angela is waiting on the line between 30 and 50. i'm a realist and i know most people do rely on social income.y for their that is going to probably be more so true in the future for a 30 and 40-year-olds due to stagnant wages, cost of cost of raising a family. do ink what people need to instead of saying it is not going to be there or i won't demand that their approximately it'ses find the the -- politicians find money and don't raise the retirement age. it will be needed more in the
future. it of the politicians. don't raise the retirement age. social security. host: sharon epperson, in the meantime what should people do they are taking that vase of advice how save in the meantime? you are in your 20's you mentioned so many things that are as a young person starting a family and tkpwrepbg the family and growing your career that are weighing on you in terms of different ways, ifferent places the money is going and different expenses grow.continue to i do think study after study shows many young people expect ocial security to be there for them and want to be able to rely on it and want the guaranteed stream of income. but the reality is you have to your own skin in the game and particular out how you can save as much as possible. starting early and figuring out how you are going to live and how you will be able
all of these competing forces that are rawing your money out of your wallet. the key here is to really just igure out how much you can start saving on your own and see how much you can increase that figure out the best way to put it to work for ou in different tax advantage accounts whether roth i.r.a. regular i.r.a. or as many of them muster. can host: frank is in nashville, tennessee. what sharon doing epperson was doing? how much are you saving for retirement? i'm lucky.l, pension wasto get a guest: that is terrific. caller: i'm donate being the 401-k to the max. thing i wanted to say was
if you don't have a pension, you will have social security most likely if all you have right now is a 401(k) the 401(k) is self-funded, and you have to have enough money to make sure you have enough to get a monthly check to pay your bills, and things like that. people now are talking about that they will not need social security. they may not need if they have a pension, but if they have a whatever, 403, or they will have to have that money. the thing is, the way to solve the problem is to raise the cap. all of the screaming and hollering about the conspiracy theories, that seem like they come from the right wing people, that is complete nonsense. the thing is there are fewer people working. that is the problem. my people are having problems with social security. it used to be a certain number
of people working, and now there are fewer people working. the thing is people are also living a lot longer. those are the main problems with social security. people living longer and fewer workers paying into social security. host: to put that in perspective, here is a chart from the peter peterson foundation, showing workers her beneficiary -- per beneficiary. workers.it was 3.7 in 2010, 2 .9 workers per beneficiary. 2030, expected to be at 2.2 workers per beneficiary. i will let you comment about the color situation. guest: he brings up a very good point. first of all, very fortunate to have a penchant and contributing to a 401(k), and to draw from
social security. that is the ideal, and what many people for many years were able to do. we know tensions are going away. as the caller mentioned, very important to put money into your own 401(k). yes, you will rely on social security as well for supplemental income, but that is true that fewer people are working. it is a factor for there to be more funds in social security. also, the fact that people are living longer means that they will be jawing on that money for a lot longer. that is a very very very important point that we have not talked about. that is securing your financial health and your health and .ell-being as a retiree you want to have social security there. some caller mentioned earlier that some people are having trouble to afford groceries and medicine on their social security check. the health care cost, i think people have not realized and
factored in how much that will take out of your pocket when you retire. particularly if you take a job in your working years with great benefits, the money you might have to fund on your own with your health care needs, particularly if you get sick or have a chronic illness, can be extremely high. that is why there are other vehicles to save in terms of saving for your health. to do that early, whether it is getting a long-term health insurance policy to ensure that you are covered and have something that is able to pay for your care, or put something into -- right now, put money into a health savings account. that will value to pay for your help these now, but if you don't have it, you don't really need save that money in the account. you can invest that money. you can invest in basically anything you want from stocks to bonds to other types of assets, let that money grow, and use
that money to cover your health care needs in retirement. there are many things to do things on your own. in addition to having this money that you will have from the government that will allow you to save even more. that is why thing many americans don't realize and don't try to investigate, how they can make their money work for them. host: we are talking with sharon epperson of cnbc, a senior personal finance correspondent. hasould note that cnbc.com a special report tied to the 80th anniversary of the signing of the social security act into law. we will get to as many of your calls as possible, including jim from ohio, on the line for those 50 and over. caller: good morning. my question is what about the people who cannot afford to put any money into an ira, or anything like that? two jobs,a job -- actually, barely making above
minimum wage. by the time you pay for health insurance, groceries, household expenses, you have nothing left. i have come to the conclusion -- i will probably work until i die with no end in sight as far as retirement goes. is there any solution to this? guest: i think a lot of folks share your frustration. one of the things that the obama administration has come out with is an last two years account, designed for people who really don't have a lot of money ,o put away for retirement to say something, and get a matching contribution. i would encourage you to look at website,he government and find out if that is of the you can contribute to with small amounts of money to start, but start building your savings.
yes, many people say they have nothing left. what i say is there is often something that can be cut. in many cases -- i should say, in some cases, there is not something that can be cut, and you are already working full-time, you can't necessarily find another job. to be fully employed today, it is such an asset for people who are struggling and underemployed. if there is some place you can you a cell phone bill the can reduce, or cable bill the you can reduce, or groceries that you can make sure buyything you buy -- you groceries on sale or with a coupon. any money you can save by doing that, put in the savings account, ira, the myra account, that is a place to start. it will add up very quickly. go to texas where
laverne is waiting on the line for those between 30 and 50. caller: good morning. i work in a very large medical that has a pain management component to it as well. one of the things that we have found here -- there has been in a financial increase in the number of people coming in requesting paperwork to be filled out for disability. a lot of these people, maybe some of them yes have a true disability, but a lot of them who bynger people, virtue of exams have no disability whatsoever. they are complaining of low back pain. we have a chiropractor in our office. they say they are depressed. there is no diagnosis of depression. they're going to all of these lawyers in the state of texas who says we can get you
disability. if they are not disabled, why are they still able to get disability? this, by 2016,d it will be depleted. how will we sustain this? i'm working a full-time job and a part-time job just to make sure i have money for my retirement. i see this day in and day out. i don't know what the answer is here and maybe you have it. i don't know. we need to do something. kentuckyo look at where the great mitch mcconnell comes from. he has a county were 90% of the people are on some kind of disability. this has to stop. our country cannot sustain this. host: sharon epperson, i will let you jump in. guest: the comments i would get with your comment and question is it is really something to look at in terms of people andng to beat the system, expecting that the government
money is there, and i will just try to get as much as i can in any way i can from the government. i think we see that, as you have mentioned, more with disability benefits. know that that money has to be there for everyone. some who may not really be considering that as they look to see how much they can get for as long as they can get it, without really thinking about the long-term consequences for the rest of the country. mary whoweet from says, i am almost 65 and the significant other is 72, social security is our only income, we are homeowners with no savings and a mortgage, we are not alone. guest: no, they are not alone. i wonder when they took their at 65 and 70.ty -- if they took at the full retirement age? it sounds like they really
needed that money, so they took qualified. they think about the higher earning spouse not taking social security. if you do that, they might be benefit.et a higher many couples have been using that strategy to get more money from the government. it works for many families are many couples. you mentioned at cnbc.com is a place to go to find out more information about this. a lot more information about the different strategies you can try to try to maximize your benefits. there has been a lot of discussion about why did the government do this, why is there not enough money that? yes, those are all concerns to raise to policy makers and legislators about what they should do to fix the problem, but the reality is you are living in this today, and need your money today, as much as you can get. to get sociale
security, and you want to get the maximum benefits, really look at some of these stories for strategies. go to th another website, financialengines.com that has a social security plan or. -- planner. it can give you some ideas about the strategies you may want to pursue to maximize those social security benefits. the goal is really to get the money in your hands when you need it, and as much as possible. you can continue to write letters, or contact your legislators to figure out how they can help you fix the system, but you need to fix your issues right now. i urge you to go to these websites and try to figure out how to get the most money in your wallet today. host: time for just a few more phone calls with sharon epperson of cnbc.
jackie has been waiting in california on the line for those 50 and over. caller: thing for taking my call. i waited about time for this topic to come back on, and i have a few comments to make. one of them is when i started working in my 20's, i remember the amount taken out of your i wish they would have taken out more because i never realized how this program works. i think that should be for everybody, take out a little more to make it a more sustainable program. this is one of my pet peeves against the republicans. program, to flip the and i don't understand how any republican that earns $100,000 or less wants to vote republican when they want to mess up the program so bad. other thing is i am lucky because i had a union job, which is som another thing that the
republicans are against. wetnds up giving the almost i was make it when i was working full-time. there is something i heard a lot of time ago about people in their 20's, if they just put away $20 per week, they would have like half $1 million at the time of retirement. i don't have the figures, but they can talk to a professional who can tell them, if you put this amount away, you will end up with this amount down the road. the people who earn over 100 $20,000 per year should definitely pay more into the program. it makes no sense why the millionaires don't pay more. host: sharon epperson? guest: she brings up so many good points. i think one of the keys -- you said you weren't so sure about the numbers. if a young person in their 20's
saves $20 per week, they would you are pretty-- actor on the numbers, that could certainly happened. i hope you're shouting that from the rooftops wherever you live. it is very important to save on your own, and put more money in pure you may not be plenty more money into social security, but you can put more money into your , in order toira grow that money. that is a very important point. the questions you raise in terms comments you raised are ones that others have raised ,s well -- raising the cap seeing if people can put more money into the fund. those of proposals that have been made. we will see where they go. again, the political angling we will have that more debate about it than actual
action, but this is the time that people can do what you said, but the $20 in per week and see the money grow, invested wisely, and that you will have your own retirement security in your own hands. host: let's see if we can get in cal from utah. caller: listen, thank you for taking my call. i just want to say one quick thing. when the law was originally written, it was written in such a fashion that it says, any moneys that are not being paid out in benefits will be invested in u.s. treasury bonds. a bond is a debt instrument. the many you put money into a treasury bond, you give politicians 100% access to the money. there are basically trillions of dollars of ious.
from the very beginning, the politicians wrote the law so that any moneys that were not being paid out in benefits, they would have access to the moneys. thank you. another comment about the history here on the 80th birthday of social security. historys we look at the of social security, i think there have been many comments made about how that money has been used, how the program was initially set up. i think the reality is there many americans if they want to know how that system will work for them when they need it. how it will work today, 25 years from now, 35 years from now, 40 years from now when i need it. i think it is very important even if you are just in your 20's, starting your career, look at what your potential benefits will be. the fsa website, it gives you a calculator. a great way to check in every and howwhere you stand
much money you can rely on from the government, at least according to the calculations that time, and figure out what you will need to save on your own to build your retirement savings and security. it is so very important, and i am very concerned that many people are not really taking ,his into their own hands figuring out how they will be able to retire well. that is be subject of a series that i have done, and i continue to do every week to help educate people about the strategies they can take to make the most of their money so they can rely on their cells when it comes to their retirement security. host: you can check out more of sharon epperson's work at cnbc.com. you can also follow her on twitter. >> on the next washington
journal, a look at what the epa is doing for the toxic spill. bruce finley joins us. nson talks about some of the near conditions -- collisions between drones and commercial airlines and how the federal government is responding. we will give you a chance to weigh in. "washington journal" is live every day at 7 a.m. eastern on thes c-span. >> so far this year, the c-span cities tour as visited over a dozen cities across the country, revealing their unique history. this weekend, we will showcase some of the places we have been. >> one day, when i had perhaps nine hours, he told me pull over on the tarmac when i landed and he started getting out of the
airplane. he told me it was time for me to take it for myself. when i got up to about 500 feet where i'm supposed to level off, when i started to push forward, it came up my hand. so i grabbed my seatbelt. i left the throttle wide open. i leaned across the front seat. i started pushing forward onth the stick. it started lowering the nose of the airplane. i climbed over into the front seat and made a fairly smooth landing. he said what in the hell are you doing in the front seat? i pointed so that stick -- to that stick that you fly the airplane with and it was on the floor board.
when he saw that, he said, now you know you have the right stuff to be a pilot. that was before john glenn had the right stuff. >> what happened on the morning of january 6 ain't, 19 sick -- 16, 1965. it was 11 degrees outside, the mean arrived at the base before 11 a.m. they got ready to go and they depart. they leave the runway with 31,000 gallons of jet fuel. 30 minutes into the flight, the pilot calls mayday. and never heard from again. the crash occurred on january 16, 1965. it happened around 9:30 a.m. the plane went down in wichita, the northeast anend of wichita.
it crash landed in the african immune -- african-american community. 90% of african-americans were living in this section of wichita. we are talking a 500 foot fireball which engulfed the entire block. 14 homes are immediately destroyed. destruction is everywhere. ultimately, 30 lives are lost. there is no substantive history. i cannot believe 30 lines were -- 30 lives were taken and there was no memorial. >> watch our program saturday at noon eastern and sunday afternoon at 2:00 on american history tv on c-span3. >> republican presidential candidate jeb bush was in des moines yesterday to attend the iowa state fair. a campaign event with
republican presidential candidate donald trump in new hampshire. and live at 7:00, we open our phone lines and take a look at this morning's headlines on "washington journal." the iowa state fair is happening this week in des moines with several 2016 presidential hopefuls attending. republican candidate jeb bush stopped by on friday to meet with local residents and take part in the candidate soapbox, a long standing tradition that gives each candidate 20 minutes to speak from a stage on the grand concourse. >> i came all the way from indiana to meet you. >> oh, god. i'm breaking the potato.
>> governor, how are you? welcome back to iowa. good to have you here. mr. bush: good to see you. you are in your element right now. i'm looking forward to it. what is the record on the number of candidates -- i'm trying to break it. >> you will do it today. mr. bush: thank you. >> welcome to the state fair. you have probably been here before. mr. bush: i have. in high school. you were running for the united states senate in i was twentysomething. my dad was here. this time that summer he was like 1% in the poll. >> we will have some fun. mr. bush: excellent. you will be here all 10 days? >> no.
>> there is training on monday. [laughter] fantastic. >> i will be here today and two days next week. toes.pped on my [laughter] >> i placed in the top 10 last year. i will see if i can beat it. i don't know. mr. bush: excellent. >> how're you doing, governor? >> i don't agree. mr. bush: thank you. >> i just want you to commit to
one thing. mr. bush: what is that? >> 114 million. i want to see full disclosure from every donor. mr. bush: we have it. >> the super pac also. mr. bush: you can get it online right now. >> ok. >> whoa, whoa. easy. >> come on. mr. bush: let's all get in our zen state. [laughter] here. are >> what are voters concerned about? >> i think they are concerned about creating jobs. getting out of the fiscal mess in washington and the economic mess.
economic growth is what will create jobs. >> senator, are you endorsing? are you doing any other events? >> no endorsement. we have looked at our schedules and offered it to those who are available. certainly, we want to meet as many iowa voters as possible. >> do you have any other plans to do it with other candidate? >> we have other activities we are considering with other candidates. >> we invited all these people to iowa. we want the governor and anybody else to feel welcomed in iowa. we are finding out governor bush is working in the state very hard. these competitors better keep up. [laughter] >> what does governor bush need to do here in iowa to win the caucus? >> show leadership.
that is what american voters are hungry for. here, the attitude is they want a strong leader and we just don't see that in the administration right now. you look across the democratic candidates as well. i just don't see the strong leadership and that is something our pool of candidates bring to the table. yourvernor, how do you see claim in iowa? mr. bush: the polls are irrelevant. people are moving up and down. i'll remind you my dad in 1980 was probably an asterisk at this point. last time around, there were candidates that were winning at this point that never made it to the starting line. you have to organize, you have to get people to commit to attending the caucasus, recruiting others. you have to go campaign.
give myampaign here, i impassioned appeal. after that, you have to support me. no, you have to hear me more. that is the way it works year. here. >> are you all in here? mr. bush: oh, yeah. i'm competitive. you have to show support for iowans. i think leadership matters a lot. you see what is going on in the world today. we need to reengage and be the leaders in the world to create a safer world for ourselves and the rest of the world. we will not grow economically so people can have widening income. be securityrtainly in the president's efforts to negotiate with iran the day we are having secretary kerry do a victory dance in havana. it is disheartening to see the
lack of leadership and we will pay a price. the next president has to restore the relationship. they have to keep security, rebuild the military and have a strategy to deal with this rising tide of islamic terrorism that threatens our country. >> the polls suggest donald trump and ben carson at the top. even on the democratic side with bernie sanders. are you a plausible outsider? mr. bush: i have been in washington, d.c. i can get to senator grassley's office. i never lived there. i will tell that story. i got the family thing. blessed with a great family. my record of success is peo something people you're in for -- yearn for. these are public servants that would like to forge solutions
across the aisle. senator grassley has been doing this for a long while. this idea that his president demonizes his opponent. if you are against the iran, you are in cahoots with the death to america crowd? give me a break. this is not how we will solve our problems. i have not been contaminated by that culture that tries to divide. florida, we saw problems there. >> how are you getting your place of zen? mr. bush: i was worried that you guys were starting a fight. >> did you take any lessons from your campaign here or your earlier days in the campaign trail? seeing that process from that time? mr. bush: if you have been helpinghis, and i have, elect republicans for a long while, it is a long haul across the board. we are at just the beginning of
this. a majority of iowans have not even begun to consider who they will support. you have to identify people, make them ambassadors to your campaign, be organized and work hard. over the long haul, make slow and steady progress. that is how you win the primary now and that is what i intend to do. i'm not distracted -- this week, something happening. >> of the helicopter landing? mr. bush: no. a long haul. ways a helicopter the right to come to the state fair? mr. bush: i like the way we did it. opponents notyour doing the soapbox? mr. bush: i don't know. senator grassley: you can ask me the question. >> i'm happy to have your answer as well. mr. bush: i have enough on my
plate to worry about me. i'm looking forward to it. this is the fun part. the give and take is what politics should be about. if you don't have the courage of your convictions and willing to have a dialogue with people, you know, that disagree with you, how will you deal with putin, this barbarian threat we face with islamic terrorism? having people in a democracy disagree with you and having a nice dialogue, that is the fun part. o you make ofhat did yo vice president biden -- will he, won't he? what do you think of that? mr. bush: we have enough on our side to focus on. there is a lot of anger. for the first time in america in the modern history, people think their children will have less opportunity then they will.
i can see what people are very concerned. all that volatility yields interesting political dynamics, but it will settle down. i'm worried about my campaign. a slow and steady progress each and every day, do the right thing, share who i am, share my concerns, cap my ideas that gives them the sense that we can have a secure world. over time, think i will be successful. the issue ofushed the e-mails with the state department? how do you think that changes the course - - mr. bush: i yielded to the senior senator of iowa on that one. they have theey: standard to make sure everything is transparent because january 21, 2009, the president said we would have the most transparent administration in the history of the country. by his own benchmark, it has
been the most stonewalling. if he had not set the bar so high, i could not say that, but i would -- when the next republican president is sworn in, i hope they keep their promises. this president has not kept his promised on transparency. with the e-mail issue hillary clinton an issue already distraction? -- or an distraction? mr. bush: it is an issue when people are prosecuted for disclosing classified information and now we have this allegation. buthave to be determined, the classified information when across -- went her server. this administration, while not
transparent with the oversight entities, they have been totally transparent with our enemies. the office of policy management hack, the snowden and manning case has given out a treasure trove of information that puts people at risk that are doing covert operations around the world. anybody that has a security clearance apparently -- the chinese now have that information. it is 100 pages of information. knowledge about people. this will keep them going for a long while. that lack of leadership is what -- obamayou trust the administration to look into it? mr. bush: the issue is she should come clean. this is an issue, not a distraction. >> thank you. >> enjoy the fair! mr. bush: nice to see you.
yeah, thanks. thank you. hop in. mr. bush: i love it. >> he is good at that. mr. bush: taught him everything i know. >> thank you so much. we lost senator grassley? >> we are trying to get him back. mr. bush: how you doing? >> senator. mr. bush: how are you? f us? ahead o >> he is up there. >> i live in new jersey. >> welcome to the iowa state fair.
>> how will you help us? how will you help us get back what we lost? mr. bush: we are going to try sustained growth for starters. it is doing business right now because of the combination of local, state and now federal stipulations are making it hard. the epa, the health care laws. you are the largest -- i've got. only one guy doing it? w>> you have to fix it. mr. bush: where do you sell your peacocks? >> all over. mr. bush: do you know your senator? >> we have talked, but you have to help people like us. mr. bush: where is your farm? >> weston, iowa. mr. bush: i would love to see
>> senator rubio made an exception for -- will you? mr. bush: no. rape has been my position. long time no see. this is your stomping grounds right here? >> it is really hard to see. there is water quality stuff. mr. bush: i can see real people over the horizon. at some point, people will be tired. that is probably later on when the sun comes out. we are going to wear them out. where should we go? tell me. are you coming? >> if you don't mind hanging around here, we would appreciate it.
[applause] mr. bush: thank you very much. what a joy to be here. this is one of the greatest times to be alive but here's the problem -- our government does not work like it needs to work. gridlock in washington makes it harder for people to rise up. more people are living in poverty today, 6 million more than the day president obama got elected. the middle class has declining income. 6.5 million people are working part-time and most of them want to work full-time. workforce produce a patient rates are lower than they were in 1977. >
this is not the america that will lead the world. this is not the america that will make sure that children will have more opportunities than their parents. what they need to do is restore the right to rise in this country by 2015. those convoluted regulatory systems of the loss, i do not need to tell iowans about eight t -- the epa roles of water. and now the new rules that will relate to air that will stifle the industry and agriculture to work leading the world. we have serious problems and we need to embrace the energy revolution in our country to be energy secure with north american resources in a short period of time with american ingenuity, innovation and technology. [applause] and we have to have the courage to preserve and protect our entitlement systems that recognize that the world has changed. that we are aging far longer. that the system was designed in a different place and time. we need to find a consensus to preserve what we have with them
-- but then make sure that we can make sure it exists for the next generation. if we do those things, our budget would move toward a surplus and we would go our -- grow our economy far faster than 2%. people would be lifted out of poverty and the great middle of our country that defines who we would get a pay raise for the first time in a long, long time. that is what we should be doing. [applause] i know a little about this because i got to be governor of a purple state, florida. it is not read like texas and not blue like california, it is right down the middle. half a million more democrats than republicans. i was the most conservative governor in the state's history but i had a reformer's heart and weut taxes every year to only $19 billion. we reduced the state government workforce by 13,000. in fact, you can fire someone for incompetence in state government in florida. i'm sorry, that is a radical idea.