there is some work with scf. the /* if you look at older retiree, those are folks running out of money, you would expect they'd cut back substantially on discretionary expenditures. gifts to people, charitable contributions, things like that. you don't really see it. but i think the hurd letter which follows individual households over time doesn't find that many people are running out of money. other questions. sure. >> my name is marie, i'm with the economic policy institute. i want to congratulate a very interesting panel. i really appreciated -- those papers are very interesting. my question is well first of all, quick question for joshua mitchell. you mentioned you're looking at the post 2014 redesign of cps and it's ambiguous whether you're going to do the similar exercise or just talking about how to fix the questions to better capture the retirement income. and i would just -- for those of us who are sort of stuck with using the cps, and want to make corrections for the cps data post 2014, i would very muc

we've worked with them on the scf for 30 years. it looks like surveys are missing a substantial amount of retirement income. especially cps. this is good news. measures poverties are lower and replacement rates are lower. good news around. hard to see what would be bad about that. specifics about the bee and mitchell paper. when they're looking at administrative data versus cps, two headline things out of that is basically the 30% difference in income. i threw in a number that was similar to the one they gave for the 65 and older. it's for the -- 2012. you see our median is a little bit lower. that's a concern. i say that -- to defend our survey, if you look at the mean, there is lability more correspondence with the mean than the aggregate of retirement income. it matches up fairly well. there still may be under-reporting at the median that we should focus on. i have a little more to say about that in a second. what's driving this all? it's super interesting to me as a survey practitioner. this chart from the paper -- if you had t

richard master, who is the ceo and founder of scf industries, a multimillion dollar company in eastern pennsylvania. he will tell us why as a businessman he understands why the future of the country rests with medicare for all. richard? mr. master: thank you. good afternoon. it is wonderful to be here today. four years ago, i started an investigation. i wanted to find out why every year at renewal time my company faces double digit increases in health care premiums. ensured $10 an hour to -- insure an employee with a family. we spent $2 million a year on insurance for a small group of employees. so i took a deep dive into the health care insurance industry in the united states, and i do not like what i found. every citizen in this country, regardless of their political leanings, must know the truth about this industry. it is a totally unnecessary middleman, whose very existence costs businesses a fortune and add the value -- adds no value. i produced a documentary care,""fix it health that presents the case in plain english. you should watch it. if you are not man enough, when you fini