I wholeheartedly agree with you that Social Security & Medicare are not “Something for nothing”, which is contrary to many conservatives, many here on FR, that place them in the category of freebees.
The problem with returning monies paid into that system, is returning the money to those already retired (as in 62 or older) is it will not last long at all, and for those in there 70’s or 80’s, there would be zero refund.
Retired folks had this money taken from them with the promise of a monthly check upon retirement. It would be wrong to just take it away, as these folks never had the opportunity to invest that money in 401K’s so it would grow during their working years.
I’m one of those that depend on it. I do have other income sources, but to lose it would really hurt. There are those that rely solely SS.
I agree. People who are currently depending on their SS benefits and those who are near retirement should be continued in the present system: they do not have time to do something else.
However, although it would be very expensive to do a one-time buyout for those under 50 (just to throw out a number), something of this nature is the only solution. The alternative is a Greek-style crash, only there's no EU to bail out the US.
But there is a difference between “confined to a wheelchair” SSI and “riding your bike to the pool where you work for a free membership” SSI. The latter is an insult to the former.
It’s a myth that there is any sort of system underlying SS past taking money from today’s workers and giving it to today’s recipients. SS is an income transfer. It takes today and gives today. Not that our government hasn’t created the illusion of a formal pension system because it has and people allow themselves to be deluded into accepting it.
SS is an entitlement.