I realize that this is hardly new information to most. However, there are still way too many people who simply do not understand (or in some cases, refuse to understand) that Social Security cannot continue as it is currently structured. Moreover, to let it do so would be to compound the wrongs which have already been done:
Individuals are legitimately entitled to retire with their own savings or from money contractually owed them via insurance, private pensions, or other voluntary retirement plans. Individuals have both the right — and the responsibility — to plan for their retirements according to their own best judgment. This includes saving money as well as purchasing insurance (or entering into voluntary mutual assistance agreements with others) to protect themselves against unforeseen adverse circumstances that might prevent them from saving for the future.
But they do not have the right to confiscate other workers’ earnings to fund their retirements. The fact that current workers have already been taxed to pay earlier retirees does not give them the right to confiscate future workers’ incomes, just as someone who had been physically abused by his parents does not somehow gain the “right” to abuse his children in turn.
Doubling down on bad decisions is a good way to go broke very quickly. It’s true in Vegas and it is true in DC. The difference is that in Vegas, the assumption is that the gambler is playing with his own money.
The other day, I mentioned that I would take 30 cents on the dollar for my Social Security “investments.” Milton Wolf has put my heretofore generous offer to shame:
Fortunately, some Americans are recognizing both the economic and ethical necessity of eliminating Social Security. Blogger Milton Wolf writes:
As burdensome as it would be, I would volunteer myself to be the “sandwich generation” to solve it. I will pay for my parent’s generation’s retirement (through my Social Security taxes) and pay for my own retirement (through my 401K) without accepting for myself any Social Security benefits, if doing so would unshackle my children from this welfare state Ponzi scheme system that will otherwise crash hard and take America with it.
Manageable pain now or pain beyond comprehension later. We have a choice.