Yes, but if functions like welfare. Most current recipients will receive far more from these entitlement programs than they ever contributed. Most future recipients will receive far less than they contribute.
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.
Exactly
The geriatric FR crowd doesn’t get this simple fact.
Had they not had their thumbs up their asses in the ‘80s when Reagan and a Democratic Congress changed SS, they would have had far less stolen from them.
http://www.bloombergview.com/articles/2015-04-10/social-security-and-the-ghost-of-ronald-reagan
As a fallback, the trust funders say that the bonds convey some sort of moral obligation. We made a deal with people, they say: higher taxes in the 1980s and onward in exchange for promised benefits. Because the program was overfunded in the early years, a significant chunk of those (regressive) payroll taxes helped fund Ronald Reagan’s tax cuts for the wealthy. Now that it’s their turn to pay higher taxes to fund Social Security, they’re trying to welsh.