Amen. In a sane world, Social Security would be phased out for younger (Gen-X and beyond) people. We should not have to pay a single red cent into a ponzi scheme which offers us no benefit.
I will opt out of receiving ANY payments from social security for the rest of my life if I can keep the 15% of my pay that goes to the government. And they can keep what they already took.
That is the only way to kill this beast.
I think they need to keep social security. For the simple reason that it provides a retirement income to those who either fail to plan or have their retirement wiped out through hard luck, economic distress, medical bills, etc.
The state/taxpayer picks up the tab for these people if there is not some kind of social security plan in place anyway. So I’m ok with a Federal minimum existence forced savings plan. I think it reduces the tax burden in the long run, by forcing workers to prepay for a minimal retirement.
But I think what they need to do is separate both the tax and the reporting along the lines of retirement, disability insurance premiums and indigent care.
The retirement funds should be treated like a retirement plan. Disability like an insurance plan. And people who have never paid into social security or exhausted their social security retirement fund under indigent care.
At least then we could clearly see where the money is going. And we could analyze it better.
“Flemming vs. Nestor” in SCOTUS 1960, upheld the termination of Social Security benefits to Nestor, who was deported because of his affiliation with the Communist Party, and upheld the right of Congress to change the benefits or contributions one makes to SS and declared contributions were not a contractual agreement in which the contributor has rights to his benefits. It is simply a general fund tax.
The sales pitch and unintended consequences.
Have I got a deal for you. You give me 7.5% of what you make, your employer will match that, if you work for yourself, you will give me 15% of what you make.
You will continue to give me this money on a regular basis for as long as you work.
I will start to give you back all the money you have saved if you live at least two years past your normal life expectancy. If you die before this time, I get to keep all the money I have collected from you over the years.
HOW THE H*LL THIS THIS CROCK PASS IN THE FIRST PLACE!!! If this had been the sales pitch, it would have never been enacted, now for the unintended consequence, we now live quite a few years longer than the life expectancy was in 1935.
I’d rather phase it out, but at very least, the retirment age should float annually to ensure annual solvency. If times are hard, or there’s a baby bust, some may need to work a few months longer than they planned.
Then, let the greedy geezers vote to cut SSI, means test, or whatever, so they can have an earlier retirement.
If you don’t like this plan, conside that it virtually guarantees against tax increases, and also ensures that those who are funding your retirement will be guaranteed to enjoy the same benefits.