It would be more accurate to call it insurance than a debt, because the tax is called "Federal Insurance Contribution Act." The insurance product that Social Se

It would be more accurate to call it insurance than a debt, because the tax is called "Federal Insurance Contribution Act." The insurance product that Social Security is most similar to is an annuity, a contract that specifies that you pay in and then the insurance pays out when you reach a certain age. I would be pretty upset if I paid into an annuity plan my whole adult working life and then the insurer reneged on their obligation. Social security not paying out would be even more upsetting, because you're legally obligated to pay for it, whereas buying an annuity is a choice.