Read: https://www.birchgold.com/blog/news/social-security-warning/
Elon Musk said “Social Security is the biggest Ponzi scheme of all time.”
The assurance that workers will receive benefits when they retire does not depend on the particular tax used to finance the benefits or on any “trust fund.” It depends solely on the expectation that future Congresses will honor promises made by earlier Congresses – what supporters call “a compact between the generations” and opponents call a Ponzi scheme. It’s a Ponzi scheme that American workers (both citizens and non-citizens) are forced to participate in.
According to the managers of the Social Security Trust, their reserves will run out in 2035. They’ve been using those reserves to make up for the shortfall in revenue collection – for every dollar that comes in, more than a dollar goes out… For now. Unless something changes, in 2035, benefits will drop by 17%.
My solution, which obviously won't happen:
1. Abolish the Social Security Trust fund, which is a myth, and forgive the National Debt associated with it, which won't be repaid anyways. Exorcise the ghosts of Franklin Roosevelt and Ronald Reagan and others who lead us into this suicide pact. Formally recognize that Social Security is a welfare benefit (which can be cut) and not an entitlement.
2. Freeze all benefits at the current levels, and get rid of COLA (cost of living adjustments). Anyone who retires in the future must accept the current 2025 benefit levels.
3. Eliminate Social Security taxes on any income below the current federal minimum wage (currently $7.25 per hour, or approximately $15,000). It is a terribly unfair to have teenagers who make minimum wage pay into the system to subsidize wealthier retirees when the system won't be there for them. This is akin to child abuse - it is brainwashing poor young people to support an unfair system.
4. Pay the cost of Social Security out of the general budget, similar to how Medicaid is paid for.
5. Work on a long-term plan, which will be a general pension fund managed at the state level. Each person would declare a state citizenship and they would get California Social Security or whatever. They could move benefits between states with a 5 year notice.
6. Also, allow people to opt out of it and invest in a private plan instead. This would require them to subsidize the old system even though they will never get benefits from it.
See also https://foreignpolicy.com/2025/03/10/social-security-musk-ponzi-scheme-benefits/
No comments:
Post a Comment