Social Security Insurance = “Welfare.”
Nice.
Nice.
For anyone collecting it now, certainly. They were taxed, yes, but there is no property right in SS 'contributions'. That is the language of political sophistry (see: Flemming v Nestor), for every dime collected and more was spent as soon as it was collected.
Do you think paying the sales tax on a pack of gum entitles a bum to welfare payments, since he 'paid in'?
Those paying SS taxes have generally been paid out more than they paid in, from current taxpayers. Future 'contributors' (born after approximately 1975) can't even expect their collections to exceed their 'contributions'. Before even factoring inflation it will be a loss. Factoring inflation and lost investment revenue it is disastrous for the retirement of those born after 1975.
SSI is a mechanism for creating dependency and political loyalty by destroying the ability of the poor and middle class to effectively save for their own retirement. It was dressed in the language of 'insurance' to placate those who were instinctively suspect of a government promise to tax them today and take care of them tomorrow. Unlike real insurance, which procures income generating assets as well as other stable, long term investment, to pay claims, the government just spends every dime collected and promises to issue more debt in the future to cover it.
It is a welfare system, designed (by accident or intent is irrelevant to the outcome) to reduce the individual's ability to save, and help ensure their dependency, fear, and political loyalty.
Those who plan to retire on SSI plan to retire on the mercy of politicians promising to plunder future generations. Calling it 'welfare' is generous.