Prof G claims all US economic policies are a ‘thinly-veiled transfer of wealth’ from young Americans to the old — and Social Security is the worst culprit. Do you agree?

The NYU professor pointed to three key tax policies that favor older Americans that he believes have diminished the economic prospects of the youngest generation.

Here are the three biggest culprits driving this divide, according to Galloway.

Top 3 unfair policies

The most unfair economic policy according to Galloway is Social Security. “Every year we transfer one and a half trillion dollars — the greatest economic transfer in history happens every year from young people to the wealthiest generation in history senior citizens and it's called Social Security,” he told Roll.

According to the Social Security Administration, 69 million Americans are on course to receive Social Security benefits in 2025. Total benefits for the year are estimated at roughly $1.6 trillion. However, it should be noted that beneficiaries have also spent entire careers spread across decades paying into the program before they retired.

For those still working and paying into the program, its sustainability is deeply concerning. 73% of non-retired adults said they won’t receive enough benefits if the Social Security fund is depleted by 2033 as projected by the SSA, according to a Bankrate survey.

Despite these concerns, the program remains popular as 87% of Americans said the government should resolve the Social Security funding issue regardless of the impact on the national deficit, according to the National Institute on Retirement Security.

Besides Social Security, Galloway believes tax policies that favor assets over earned income are unfair. And, he says, this includes the mortgage tax deduction and capital gains taxes.

“Who makes their money selling stocks and selling assets? Guys my age,” says the 60-year-old. “Who makes their money with sweat? The guys in this room, the younger guys. Who owns homes? Older people. Who rents? Younger people.”

A 2024 study from Redfin confirmed that empty-nest baby boomers owned 28% of the large homes across the country, while millennials with kids owned just 14%. Meanwhile, the share of U.S. equities owned by those over the age of 55 has surged to 80%, according to Rosenberg Research & Associates.