I accept your point. But you also understand that there are Social Security recipients that haven’t paid into the system? And that most everyone who reaches retirement age will eventually draw more out of the system in Social Security, Medicare, and Medicaid benefits than they put into it?
“I accept your point. But you also understand that there are Social Security recipients that haven’t paid into the system? And that most everyone who reaches retirement age will eventually draw more out of the system in Social Security, Medicare, and Medicaid benefits than they put into it?”
I grant you, some have not paid in. It’s relatively few. It is the spouse who never worked and draws 1/2 of what the working spouse was entitled to. It is the child of a deceased worker who was eligible and the benefit stops when they reach their 18th birthday.
As for collecting more than you paid in... For some that may be true just as it would be for life insurance. However I don’t think it’s the norm. If a person took 15% (7.5 employee and 7.5 from the employer) out of your paycheck during your working life and invested it, you would have millions for retirement when you got old. Do the math...
The only real problem with the system is that the money received was stolen and used for other things. The actuarial data was correct up front.