That, in a nutshell, is the problem. It isn't a savings plan. Its a Ponzi scheme. Any taxes paid for Social Security went to pay general expenditures and were not put into some savings account like way too many people believe it was. The people who were in at the beginning got a windfall but they are dead and we can't get the money back from them. We are left holding the bag. A lot of people are very angry about that but it doesn't change the facts--you don't have a Social Security "savings account" that you paid into.
Quite frankly, Social Security should be means tested. It should be a welfare program. This country should not have middle class welfare. That is what is destroying us. If we want to give some money to poor old people so they don't starve--the original purpose of Social Security--fine. But it should not be a middle class entitlement.
Once you turn it into a means tested program, the public will demand that it be a voluntary program.
Once you turn it into a means tested program, the public will demand that it be a voluntary program.
I agree with means testing - as long as the payroll deduction goes down once we all accept that fact