Social Security is America’s oldest major social program, and it’s a crucial support for older Americans, a majority of whom depend on it for more than half their income, and a quarter of whom depend on it for almost all their income. The program is structured to look like a pension fund, where what you get out depends on what you paid in, but that’s bit of a Noble Lie. For the most part it’s a pay-as-you-go system, in which Americans of working age support retirees.
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Yeah, like anyone who has studied history and economics believe it was not a racist Ponzi scheme. It transfers wealth from poor minority men to rich white women. Argh!
GBWxx wanted to privatize it but was accused of giving a payoff to Wall Street.
If I had all the money that I put into FICA, I’d be rich.
Why can’t it transform into a private savings account?
(Imagine an old minority man leaving his children a legacy of a few bucks.)
The answer is that the politicians and bureaucrats would lose a “piggybank” that can be raided for oodles of spending on pet projects.
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