The US Government needs to stop trying to “save” social security and instead set a date at some point in the future, 10 years, 20 years, 25 years – whatever, where we just stop collecting for social security. Run it to pay the promises made to the past generation and tell the current generation that they will be free of this albatross and responsible for their own futures. Everyone is talking about the recent financial scandal concerning Bernard Madoff and the billions of defrauded investors but this is nothing compared to the defrauded investors in social security.
If the Government is really and truly interested in your financial security, you would not be paying the 15.3 percent of your gross income to social security. Politicians have guranteed that there is nothing secure about social security. The Social Security program of the USA has got to be the Ultimate Ponzi Scheme. If this structure were run outside of Government it would be illegal. Let’s let those that would like to opt out of this financially broken concept get out of it and be accountable only to themselves financially later in life.
What is 15.3% of your lifetime income compounded over a working life of 30-40 years? It will certainly be considerably more than what the social security administration will pay you on the current path. At $50,000 per year for 25 years you are looking at 1.25 million in gross income which is about $191,000 in social security payments. Why not let YOU keep that $191K and invest it as you see fit? I am certain that you can produce better results for yourself compared to what the government will turn it into and send you a pittance. If this were simply put into a cash value life insurance policy not only would you have a fortune in 25 years, you’d have a massive death benefit to leave to your heirs – their’s your social security! The funny thing is (in a sad sort of way) that people freak out when the price of a gallon of gas goes up or they’re charge $2 to use an ATM but don’t think twice about 15.3% of the lifetime income being stolen from them with a smile in the name of their “security”. Come on people…..
Take a look at this article by Noel Sheppard as featured in American Thinker: