A private annuity with the same record as SS would be blamed on poor actuarial and risk management....or embezzlement. Either way - they would be jailed for breach of trust.
The Feds just move tax payments around to cover their ineptitude and/or criminality without penalty. The tax payers suffer the penalties.
If SS were an annuity or pension plan, I would agree with you. It is not. You can pay into SS for 50 years at the maximum amount and die the day after you are scheduled to start collecting benefits and your estate would get nothing.
For one third of Americans over 65, SS is their only source of income. For two thirds SS represents more than 50% of their retirement income. Most Americans are not going to have a very pleasant retirement because they have not saved and invested enough.
The Feds just move tax payments around to cover their ineptitude and/or criminality without penalty. The tax payers suffer the penalties.
The taxpayers get the government they deserve. How many taxpayers want to make the changes necessary to make the entitlement programs solvent? They represent a $90 trillion unfunded liability. We have borrowed from our children and grandchildren to fund these programs. The average Medicare recipient gets three times more in benefits than what he contributed. These programs are unsustainable and the longer we wait to address it, the more painful the solution.