Sometimes a solution that seems logical is fatally flawed. The devil is in the details. I took the time to show the calculus of the money that is lost to an individual by SS witholding rather than investing that money instead. Even trasuries would have generated much more than the benefits given by SS.
In the interests of social welfare (which destroys responsibility and incentive) the Government made up a rational for taking money, in addition to taxation, which they would pay back when you were too old to work.
There was no choice, no assent; it was a fiat. In doing that they robbed the American people. If instead they had put that money into bonds, or allowed investment the money would have been there for each working person and their dependents. However in typical Government fashion they wanted that money to allow increased spending which created programs that did little, were wasteful, could have been done more efficiently privately or by the states. Now that money and the time for it to grow is gone and we are saddled with corrupt welfare programs that are very difficult to clawback because they are slush funds for the left. We have thrown bad after good for many years, deepened the welfare trap and perverted the National conversation with entitlement porn.
A socialist says money should go to the people that need it most. While sounding noble that is the most destructive path imaginable, as has been demonstrated every time it was tried. The rule of law and of equal justice says that people get treated equally. Not from each according to his ability, to each according to his needs.
To escape the SS trap rather than deciding winners & losers based on virtue signaling the system should be privatized with a bona fide investment from this time forward, preferably self directed.
People who are retired should receive benefits based on their contributed amounts. Those who have not retired yet should be on a blended path with growth of contribution going forward and a prorated amount paid based on prior contributions.
People already retired and retiring soon would be paid not out of funds coming in from younger workers but by the US government which has consumed their witheld $ over the years. Perhaps the Government should think outside the box and sell leases for oil rights or some other National resource to get through the transition period. Growing the economy will allow paying down the debt gradually and free up funds as well.
So?
Did you think the audience here needed a refresher on what a shitty deal Social Security is?
That observation doesn't make the system solvent.
To avoid adding trillions more in taxes, or trillions more in debt, we need to just agree to not send welfare checks households that earn more than the median household income. That shouldn't be a controversial idea. But some folks are convinced that future generations should be put even deeper in debt (we're at ~122% to GDP right now!) so that money can be funneled to people who are not desperate for a government check, and have more wealth and income than most people do.
A socialist says money should go to the people that need it most. While sounding noble that is the most destructive path imaginable, as has been demonstrated every time it was tried. The rule of law and of equal justice says that people get treated equally. Not from each according to his ability, to each according to his needs.
I'm under no delusion that we can end welfare. It would be my preference, but it's not going to happen.
The government will take from those who have and give to the poor. What we can't afford is a government that will take from those who have, borrow on the backs of everyone else, and give money to people who are already wealthier and have more income than most.