How High Can/Should/Will Retirement Age[*] Go?
Nick Gillespie | June 1, 2010
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[*] For the purposes of Social Security; retirement ages in the private sector should be decided by the individual affected or the company paying same.
Last week, French folks took to the streets when the government threatened to raise the age at which vous could collect public retirement benefits…from 60 years to possibly 61 or even 62! Zut!
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There is something truly perverse about any system that takes from the young and relatively poor and gives to the old and relatively rich, which is what Social Security and Medicare do. Indeed, the system is not just economically inefficient but morally bankrupt. It reverses centuries of tradition in which children inherit from their parents. Adding to the insult is that Social Security benefits do not pass on to the next generation, meaning that all that payroll tax money is belong to us (with us being the government). I’m no fan of mandatory savings accounts in the place of payroll taxes but even something like that, which would give all workers something like a 401(k) account that could be passed on, would be far preferable to the current system.
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It’s even worse than that. “Social Security Insurance”, which I have mistakenly called a Ponzi scheme (i.e., in a Ponzi, the chooses to play; with SSI, there are the guns of gooferment to rob you), actually transfers from poor minority men to rich white women. Due to the disparate death rates!
I can’t think of a single redeeming value for SSI.
* It single-handedly destroyed the extended family by enabling grandparents to move away “to Florida” with the SSI income.
* It set up intergenerational theft.
* When it was set up, FDR knew it couldn’t be stopped. (It will stop with the bankruptcy of the nation.)
* It made being on the dole acceptable.
* It set a “retirement age” that locked into people’s thinking. With one size fits all thinking!
* It was supposed to be a tax free benefit, but the perfidious Congress made it taxable
* It was supposed to be a retirement, but it became “supplement”.
* COLA is given by the gooferment; not reality.
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