The original point was
"People need to uderstand that social security is not an entitlement. People pay 7+ percent into social security and the employer matches it.
It is a government managed retirement system, and poorly run."
The original point was simply that social security is not an entitlement. I was not implying that social security was a good or bad thing.
Two other points:
1. The govt has spent way beyond its means and borrows from any entity that will give it. That includes social security. We the people will eventually pay the govt debt back.
2. Social Security has definitely been mismanaged by the govt., and expanded to include other things. People who say the Disability coverage added to social security is unnecessary spending need to understand that some private companies offer both retirement and disability insurance. Social Security was expanded to match that. This was not a common practice in 1936 when the Federal Insurance Compensation Act was passed. It was expanded to include this because being disabled to the point of not being able to work would be considered an involuntary from of retirement. They also need to visit some of the people on social security disability. They do not get much and would not be considered to live much of a life at all.
Having said all this - I will now give an opinion - Which I do not usually do.
Social Security is a system that should be done away with. It will take a long time. The money people put in social security should be redirected to private retirement accounts that people can directly manage themselves. It is a false assumption to say that govt can do a better job of managing our money. Some people will not manage their money well, but that is just part of the nature of the beast.
The other key element of a private retirement account is that it can be passed on to other people upon their death. Social Security cannot.
Shermann
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