I think I read somewhere that a county opted out from the start of social security.
Some historical context is helpful...
1978 - George Bush, in his congressional race, suggested that the Social Security System could not be sustained unless individuals were allowed to invest the payroll tax themselves. “We should trust Americans by giving them the option of investing part of their Social Security contributions in private accounts.”
2004 - President Bush - “Younger workers should have the opportunity to build a nest egg by saving part of their Social Security taxes in a personal retirement account. We should make the Social Security system a source of ownership for the American people.” He mentioned the issue repeatedly during the 2004 campaign and was able to argue that his reelection represented a mandate to move forward on what he called personal accounts (and his adversaries called partial privatization).
Here we are 45 years later, having the same old debate and NOTHING has been done except kick the can down the road. The corrupt Ponzi scheme needs to be reformed or rebuilt. Bush had it right in 2004 with a phased approach where younger workers can take control of their own SS contributions.
But “tlozo” had it right in post #23 “When Social Security started in 1935 there were approximately 45 workers to every 1 beneficiary. The current number of workers to beneficiaries to 3 to 1. Current studies project that the system can operate as-is at a 3 to 1 ratio. By 2034, the ratio is expected to be 2 to 1.”
All the GD politicians in DC care about is buying votes. They won’t get elected or re-elected if they discuss the cold, hard truth. Bush’s 2004 proposal died a quick death and he gave it up.
The gross fiscal malfeasance of our “ruling class” provides more perspective on the ability to keep the Ponzi scheme going (in current dollars, not constant dollars):
1929 / $0.02 trillion / 16% of GDP
1978 / $0.8 trillion / 33% of GDP
2004 / $7.0 trillion / 60% of GDP
2022 / $30.0 trillion / 123% of GDP
Galveston, TX, opted out, and it created many, many people with far more retirement $$. Their own investments far outweighed any “payback” from the Government.