Revealed: 5 More Dangerous Myths of Modern Finance (#11–15) Exposed
by Nick Giambruno
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Myth #13: Social Security Is a Secure Retirement Plan
Social Security is often sold as a “safety net,” a dependable program where you pay in during your working years and collect later in life. It sounds responsible, almost like a personal retirement account managed by the government.
In reality, it’s nothing of the sort.
The money you pay in today doesn’t go into some locked box with your name on it. It is spent immediately to cover current obligations—mostly to today’s retirees and other government programs.
Social Security isn’t voluntary, it isn’t market-based, and it doesn’t offer real security—especially not for younger generations who are coerced into funding a system that likely won’t support them in return.
That’s why the more accurate name is Socialist Insecurity.
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“Social Security Insurance”, (note the word insurance — even though it bears no resemblance to real world insurance), is a de jure Ponzi scheme paying current takers from current workers. What could go wrong with that (i.e., scope creep; aging population; longevity discoveries; political corruption; moral hazard). And, de facto, a wealth transfer from poor minority men to rich white women. All set up, by the D’s to create another permanent class of dependent voters (i.e., the third rail of politics). Also, it’s a “political axiom” that one someone gets a “benefit” it can never be taken away. Argh! What a load of “barbara streisand” aka <synonym for excrement>! Argh! Argh!
“For those looking for security, be forewarned that there’s nothing more insecure than a political promise.” – Harry Browne
I’ve read rants by some about if they had had their “voluntary” “Social Security Insurance” “contributions” and the return on “investment”.
Specifically, “A person retiring at age 65 will only benefit more from Social Security relative to a private investment in the S&P 500 if he is a low earner and lives to be at least 96 years old. For those retiring at age 70, the only individuals that benefit more from Social Security are low earners who live to be at least 94 years old and average earners who live to be at least 108 years old.”
https://www.cato.org/commentary/social-security-vs-stock-returns-no-contest#
Wish I could find that Facebook post that compared ROI on voluntary” “Social Security Insurance” “contributions” versus DIY investing. The difference was huge.
The Gooferment politicians and bureaucrats are drones and parasites on “We, The Sheeple”!
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Reinke Faces Life 