The original concept of social security was that people paid into it on a regular basis and received the benefits when they retired. It was forced savings by the government for the common good. The concept was that social security would be separate from the regular budget and would be self funding. Social security ran large surpluses throughout most of its history.
The politicians have since screwed things up but the people who pay into Social Security still expect to see something at the end.
If the politicians say Social Security is welfare then give me back all the money I paid in over the years.
Samuelson is one of the brightest economists in the world. When he speaks you should listen, regardless of whether you agree or disagree.
RE: The original concept of social security was that people paid into it on a regular basis and received the benefits when they retired.
Well, the point of that article is that the original concept NO LONGER APPLIED AS FAR BACK AS 60 years ago.
Those who paid more do not get what they paid into and those who paid less or nothing, get more than what they paid into.
And here’s the part that hurts, if, God forbid, you do not live long enough to get back what you paid into ( say, you died at age 65 ), what you paid into does not come back to your family, it gets given to someone else.
“If the politicians say Social Security is welfare then give me back all the money I paid in over the years.”
I don;t think it’s right to call it welfare. It’s more of a transfer payment. The money you and I put in was transferred to our parents and grandparents. They spent it. It’s gone.