I never said SS was the greatest concept in the world I said its not welfare. I would like to see younger workers transferred over to private savings as they will likely receive a lot more in benefits at age 65 than from SS.
It is 100% welfare.
The money that young people put in today does not go into some account for them to access.
It goes directly to pay for the above 65 year old crowd in this country that will leech off those born after 1970 for the next 30-40 years
I would like to see younger workers transferred over to private savings as they will likely receive a lot more in benefits at age 65 than from SS.
I’ve seen some calculations, which show that if people could have placed the 12.4% Social Security payroll taxes they and their employers have paid all these years into other investments, that their retirement income from those investments would be a good bit higher than they will ever get from Social Security.