and this is escalating the conflict the german economy at an economic crossroads currently talk to fica tired from the association of german chambers of industry and commerce great to have your analysis thank you. german companies b.m.w. and siemens who joined us in voicing their concerns about staying and investing in britain the companies all cite uncertainty surrounding a post break as it deal with the european union their criticism was magnified by a new by a new survey among business leaders in six e.u. countries maybe hoffa eight of eight hundred executives polled by the north firm baker mackenzie so there had reduced investment in the u.k. since the briggs it aeronautics company said last week that a no deal scenario might lead to it moving thousands of jobs abroad. sunday was the highest scoring day of the world cup so far and we have became bridge from v.w. sports to break down all the goals and wow there were a lot of goals we have to first of course talk about england well yet this was one of those rare occasions i was an englishman where you get to come on to speak to guys d

what does fica stand for? federal insurance contribution. whose? yours. so the citizens of this great country of ours understand that they're making these insurance premium payments. now, i ask you, oftentimes government is criticized for not become run more like a business. well, since this is an insurance program and since it's a federal insurance program, social security, shouldn't it be run more like a business? we think so. but when was the last time the premiums, insurance premiums, were adjusted in social security? tip o'neil was the speaker. ronald reagan was president. but they came together bipartisanly to come up with a solution. the problem is they didn't index it enough as they were projecting going forward. but they did solve the problem initially by coming together and coming up with a solution, understanding that this is an actuarial problem at its core. i ask you, have any of your insurance premiums gone up since pineople consistently take -- pay in. as we learned from the report yesterday, enough to sustain us for the 75 year. -- year pe

because every week, by weaker monthly that they look at their pace stuff they see enter fica, the federal insurance contribution. the federal insurance contribution, there's a deduction that has been made. we're often here in the course of dialogue that government should run more like a business. in this case, it should run like an insurance business of the action warily sound. the last time we address this issue action warily was in 1983. ronald reagan was president and to put it was speaker of the house. they made adjustments necessary that would extend the life of social security, but they did not to a completely. they did not index. have any of your insurance policies gone up since 1983? there is no wonder why the system is in trouble. it has not been actuarially adjusted 1983. had we come or have they back then made those adjustments, we would not be having this conversation. indeed, america's most outstanding insurance program is something that everybody knows about because no one has ever missed a payment. the social security system has never missed a payment. both on a disability

they just have to look at their paycheck to see fica federal insurance contribution. whose? yours. so the citizens of our country understand they are making these insurance premiums. so now i ask you, often times government is criticized for not being run more like a business. since this is an insurance program and a federal insurance program, social security, shouldn't be run more like a business? we think so but when is the last time the premiums were adjusted in social security? tip o'neill was the speaker ronald reagan was president but they came together bipartisan to come up with a solution. the problem is they did not index enough as they were projecting going forward but they did solve the problem initially by coming together to come up with a solution. understanding that this is an actuarial problem at its corporate have any of your insurance premiums gone up since 1983? three? think about that for a moment. there has not been an adjustment in social security but yet people consistently pay in and we have reserves but not as we learned from the report yesterday, enough to

rotate. >> the tax cut has absolutely nothing to do with the fica tax.ericans pay. as you know, for the last several decades, the americans have been paying more in these social security taxes than the government has needed to pay the social security retirees. there is a $3 trillion surplus but really not an emergency fund that you mentioned. this money has to come out of the general fund. the federal government has borrowed all the surplus. social security is not in trouble in ten or 15 years, it's in trouble this year news on some potential presidential pardons. comes from blake berman who said there's dozens of them but no exact timing. one of them under consideration is alice marie johnson. this was the person brought to the president's attention by the one and only kim kardashian. they were pushing for a presidential pardon. this is something, we had the boxer couple weeks ago, this is something very much on the presence mind. this president is doing it in real time in the middle of his term. we find it hard to get used too. look at the montana prim

they know this because i have to look at their paycheck and see fica. federal insurance contribution. whose? you were spared the of this great country of ours understands that they aren't making these insurance premium payments. .. they came together bipartisan me to come up with a solution but the problem is they did not index it off as they were protecting going forward but they did solve the problem initially by coming together and coming up with a solution. they understood that this is an actuarial problem at its core i ask you, have any of your insurance premiums gone up since 1983? think about that for a moment. since 1983 there has not been an adjustment in social security and yet people consistently pay in and we have reserves in social security but not, as learned from the report yesterday, enough to sustain us by law for the 75 year. that social security should be. a proposal doesn't. we make sure first and foremost and don't trust me but taken from the actuary that we extend social security beyond the 75 year deadline but also recognize that

because every week, bi-week or monthly they look at their pay stub and see under fica the federal insurance contribution -- let me repeat that again -- federal insurance contribution, that there is a deduction that's been made. we often are here in the course of dialogue that government should run more like a business. in this case it should run like an insurance business and be actuarial sound. yet the last time that we actually addressed this issue actuarially was in 1983. ronald reagan was president, tip o'neal was speaker of the house and they made the adjustments that were necessary that would extend the life of social security, but they didn't do it completely and they did an index. i ask anyone on the committee or in the audience, have any of your insurance policies gone up since 1983? there is no wonder why the system is in trouble, because it hasn't been actuarially adjusted since 1983. had we -- or had they back then made those adjustments, we wouldn't be having this conversation, because indeed america's most outstanding insurance program and something, as i said earlier, that ev