Social Security Facts - #11:
MEANS TESTING!
Given that Social Security is simply a transfer of wealth from the young (workers) to the old (retirees), a pay-as-you-go system that has been sold for seven decades as an insurance program with assets (of which there are none), then means testing is the most obvious change and should happen immediately!
(I know, you don't agree with my above assumptions, but give me the benefit of the doubt!).
Why should an 18 year old hamburger flipper at McDonald's, pay me Social Security in 4 years when I retire at 66 and will still be making a very generous income. It just does not make any sense! This is EXACTLY what is happening today!
Social Security was meant to be supplemental to those retirees whose standard of living would drop after their retirement due to their inability to personally establish an adequate retirement income - and that is what it should be.
I would suggest we establish personal accounts in Social Security along with implementing means testing - phasing the means testing in over a decade to ease the pain and offset much of the cost of personal accounts. Anyone have a comment?
Given that Social Security is simply a transfer of wealth from the young (workers) to the old (retirees), a pay-as-you-go system that has been sold for seven decades as an insurance program with assets (of which there are none), then means testing is the most obvious change and should happen immediately!
(I know, you don't agree with my above assumptions, but give me the benefit of the doubt!).
Why should an 18 year old hamburger flipper at McDonald's, pay me Social Security in 4 years when I retire at 66 and will still be making a very generous income. It just does not make any sense! This is EXACTLY what is happening today!
Social Security was meant to be supplemental to those retirees whose standard of living would drop after their retirement due to their inability to personally establish an adequate retirement income - and that is what it should be.
I would suggest we establish personal accounts in Social Security along with implementing means testing - phasing the means testing in over a decade to ease the pain and offset much of the cost of personal accounts. Anyone have a comment?
posted by Jim | 3:52 PM
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