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Make wealthy seniors wait longer for their benefits?

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    New plan bases eligibility age on lifetime earnings

  • Duration 4:00
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This transcript is automatically generated

I -- everyone agrees that entitlement spending needs reform -- the debate is over how to reform it.

In a New York Times op Ed this week Ezekiel Emanuel yes -- brother the older brother of the Chicago mayor suggested that wealthy people should wait longer.

-- poor to collect Medicare -- security.

Benefits even as a scaled to go along side this is a fair way to help fix the system Charles Gasparino senior correspondent.

The Fox Business Network got that Hoenig is it managing member of the capitalist pig -- fun.

At a Fox Business contributor and essentially we have a situation where they say if you are eligible for Medicare at 6566.

Over Social Security.

You shouldn't get it right away if he needed.

And 6768.

If you somewhere in the middle an area and -- to 77 and one if you really rich like Warren Buffett -- company so judge you have a problem that Charles.

I have zero problem with that I mean -- he has a thing these are entitlements you know bottom line is the government hands he's out.

If there is no -- social contract between the person that accepts it and has paid for it.

And the government that -- it out I I think this is pretty reasonable coming from someone in the manual.

Right Jonathan do you have a problem that his pitches waiting if he got the money what you need it right away.

Well well whether you need or not Brian is irrelevant you've paid into it and we all agree as you pointed out that the entitlement system.

Is -- -- to mean Medicare Medicaid Social Security -- talking like a hundred.

Trillion dollars in unfunded liabilities.

But without property rights basic property right this is not don't exist on our entitlements you they have no right to anything the government can come -- and say you know what that didn't happen -- -- original -- The sacrifices -- the -- -- you say it's not a property rights not a property right and entitlement is simply report that's every court has ruled that the sort of entitlements.

Enough for a few adults like that I have property rights of the government can hand it out for Charlie and I -- and ration them as they see what -- that you and I think that event.

Sort of complete property rights with entitlements back but -- have a real problem and at that point Charlie and make the point that's the problem is that you have.

Have no rights with entitlements you don't own anything.

All you have is the hope that future generations are gonna be looted like you're being alluded to -- them.

-- -- the current.

Eighty's so -- Ezekiel proposing more up a prescription for the same type of poison.

That's part of this place I could just say that I'm not losing jobs it's audio -- that's good or bad.

Thought that I think it would it would only gives a big houses Charles he disagreed yep I don't just say this I don't think that's up.

But I do I don't they also bottom line is the bottom line is it's would you pay into the government for titled -- like everything else when when money becomes scarce as we have now.

The government has you don't absolutely -- -- hottest day national right to ration those benefits.

And by the way -- -- that they realized natural that panel Social Security.

Is he needs seems to care.

Bet that Charlotte that's that Marxist ideology -- from each according to his ability to -- you know this -- an automatic let's say -- redistribute wealth.

You bought into the there any scenario they will he got in the if their -- and area real quick is there any scenario -- say yes that is our money we -- paid to it but an emergency situation.

Like we are now it -- heading to a fiscal -- we can call also -- -- -- make some changes is there any scenario where you would do that.

The only moral changed new entitlements Brian is and them not continue to media bloodline -- -- John -- in the meantime in the real world.

When we have a would have a lack of -- -- we have scarce resource every.

Warren Buffett does not deserve -- security how you could argue that war probably deserves you're.

I think Social Security -- as the construction worker outside isn't saying that is crazy it's -- tells me Charles got Jonathan speed all of a sudden.

I jaws desperate attempt -- Hoenig thanks so much of the debate if we'll see if this Emanuel proposal go through.

At a special shout out to Angela Giuliano she is the family member from the guests Reno family who chose to watch this morning -- says his whole family watches and we -- single out her.

Almost like the romper room -- morning.

Thanks Charles good job -- and.

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