Pal, there is no lockbox, only US savings bonds backing up the debt, the sooner you realize it's a ponzi scheme the sooner you realize SS needs to be dumped like a bad girlfriend.
you are so right......as an Investment Broker I'll bet only 20% or so actually invest the correct amounts with many people just buying up material goods hoping that retirement will take care of itself.......if they aren't force to invest, they won't do it until it is too late......
You do not understand the way of Social Security actually works. The money you pay into the the system is not saved waiting for you to someday withdraw it. The money deducted from your paycheck goes to pay current retirees Social Security check. There is some money left over so the "Trust Fund" is currently growing, but it will soon start to shrink to nothing. If nothing is done, in the next 10 years, the "Trust Fund" will have zero dollars in it and the government will have three options, 1) cut benefits, 2) increase the payroll tax or 3) print money, none of which are in any way desirable. For many younger workers the money we are paying into Social Security is not being saved it is being squandered. The Greatest Generation was truly great and set this country on a solid footing, but they got suckered by the fraud that is Social Security and their children and grandchildren are the ones left to pay the bill.
"We have the balance of our paychecks, and so far it seems that very little of that tends to be invested or saved; would the elimination of social security miraculously change that kind of behavior?"
Heck, yes!! The difference between the illusion of cradle-to-grave welfarism and self-reliant savings
is night and day. Without that collectivist myth that 'gvot will take care of you' personal behavior would be radically different.
What would YOU do with a 15% increase in post-tax salary?