Social Security Facts - #7:
NOW THAT I HAVE CONVINCED YOU THAT:
- SS is simply a TRANSFER of WEALTH from the YOUNG to the OLD
- There is NO MONEY! TRUST FUNDS, ETC. are ACCOUNTING GAMES
- SS is a NECESSARY WELFARE program
- Talk of RETURNS and YOUR ACCOUNT are only for effect!
- SS is hard to FIX because of MASSIVE excesses for our GOVERNMENT!
- PERSONAL ACCOUNTS will be the LEADING EDGE of REFORM!
In addition to PERSONAL ACCOUNTS and HONESTY in ACCOUNTING (Income) we must also reform the DISTRIBUTION RULES (Outgo)!
FIRST: MEANS TESTING!
There is NO reason a person of adequate means should receive SS on top of their adequate personal assets or income! Remember: it was meant to be SUPPLEMENTAL!
posted by Jim | 1:07 PM
2 Comments:
I'm not necessarily opposed to the idea of means testing, but I think we need to acknowledge the practical difficulties involved...
Right now we don't have a reliable way of knowing people's assets. Can you imagine the amount of 'asset sheltering' shenanigans that would probably start occuring if the government were to start trying to assess each person's 'means'? Do we want the government assessing everyone's wealth?
Two comments:
1. Assume people really understand that SS is Welfare - I believe most people who do not need it would not get in the queue. This eliminates the problem for them. Remember, they will be getting their Personal Account payments regardless of wealth!
2. Many Government and private institutions do means testing everyday in various activities. It does not seem a big deal to me.
Please note that the conception of SS as "my account" ("By God, I paid into it and I'm going to get my money out!!!") has to be broken for us to make meaningful changes in Social Security.
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