Chris Christie Lashed Out At Billionaire Warren Buffett: 'Shame On You' – He Says: 'Rich People Should Not Be Collecting Social Security'

Former New Jersey Gov. Chris Christie didn’t hold back when he took the stage at the third GOP presidential primary debate in Miami in 2023.

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With a sharp jab aimed squarely at America's ultrawealthy, Christie made his stance crystal clear: "Rich people should not be collecting Social Security." And he didn't stop there. Famed investor Warren Buffett, one of the richest men in the world, got an unexpected – and probably unwelcome – mention.

"I don't know if Warren Buffett is collecting Social Security, but if he is, shame on you," Christie declared. "You shouldn't be taking the money."

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Now, Christie isn't just randomly throwing out accusations. He's making a point about the purpose of Social Security and who it was meant to serve. "The fact is, Social Security was established to make sure that no one would grow old in this country in poverty, and that is what we have to get back to," he emphasized.

So, is Christie right to call out billionaires who might be dipping into retirement benefits? 

Social Security was never meant to be a windfall for the rich. When it was created, the goal was pretty straightforward: to keep older Americans from falling into poverty. It's a safety net, not a bonus check for the wealthy. Christie argues that by allowing billionaires like Buffett to collect Social Security, America is losing sight of its original purpose.

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How Does Social Security Work?

To understand why Christie's comments are stirring the pot, you need to know how Social Security is funded. Every paycheck you get, a portion – 6.2% to be exact – goes toward Social Security, with your employer matching that amount. But here's the kicker: there's a limit to how much of your income gets taxed for Social Security each year. For 2024, that limit is $168,600. Whether you make $190,000 or $1.9 billion, you only pay Social Security tax on that first $168,600.

This system is a pretty good deal for the ultrawealthy, who end up paying Social Security tax on a tiny fraction of their income. Take Buffett, for example. He's famously kept his annual salary at a modest $100,000 for 40 years, meaning he hasn't even hit that taxable maximum in recent years. But don't forget, Buffett's real wealth comes from his investments, which aren't taxed for Social Security purposes.

Another example is Elon Musk. He stopped paying into Social Security four minutes into 2024 because he quickly hit the threshold. Forbes reported on Jan. 2 that over 200 wealthy people had already paid their taxes for the year – one day into the year. 

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Should the Rich Get Social Security?

Christie thinks not. He argues that allowing the wealthy to collect Social Security diverts funds that could be better used to help those who actually need it. He's not alone in thinking the program needs an overhaul. 

One of his solutions? Raising the retirement age for younger workers and tightening up eligibility for benefits. But he's quick to shut down any talk of raising taxes to save the program. For Christie, it's about returning to basics – remembering that Social Security was designed as a safety net, not a savings account for the rich.

Of course, not everyone sees it Christie's way. Some argue that if billionaires have paid into the system, they have every right to collect their benefits, just like anyone else. But Christie's point is less about what's fair and more about what's necessary to keep Social Security afloat for future generations.

Should Social Security remain a universal benefit, available to everyone who pays in? Or is it time to rethink who needs that check each month?

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