3 ms·
> liquidate social security That's not a just action for the government to take. The original premise of social security was pay in money as you work, get it o
by mises 8y ago
> liquidate social security
That's not a just action for the government to take. The original premise of social security was pay in money as you work, get it out when you're old. Though FDR started paying out immediately from the younger generation, so it started a generation in the hole. However, it was supposed to be basically forced federal savings, with some sort of safety net component as well. Not fair to tell those who paid in they'll never get anything out because someone wants it for policy goals.
- dragonwriter 8y ago> The original premise of social security was pay in money as you work, get it out when you're old. No, the premise was always “pay taxes when working, receive benefits based on a formula driven by qualified earnings, with both pre- and post-retirement adjustment factors.” It has never been an investment vehicle with individual accounts, you aren't paying in and getting your money out with investment returns or matching or whatever. (That said, because it's not a traditional means tested benefit but time-delayed inverse means tested one, it doesn't really make sense to replace it with UBI.)