Quote of the Day | Social Security

“Although Social Security may be a popular program that many Americans have grown to depend on or are counting on when they retire, most misconstrue the nature of the program.

“Social Security is not a retirement account. It is not an insurance program. It is not a savings account. It is not an investment account. It is not a safety net. It is not a trust fund. It is not a pension plan.

“Social Security is a relic from the New Deal. It is an entitlement program. It is an income-transfer scheme. It is a wealth-redistribution plan. It is the cornerstone of the welfare state. It is the largest entitlement in the federal budget. It is unconstitutional.

Social Security doesn’t need to be fixed, changed, reformed, made to work, made fiscally sound, restored, privatized, or saved. The program needs to be abolished.”

Click here to read more…

Social Security Is Not a Ponzi Scheme – The Future of Freedom Foundation (fff.org)

6 thoughts on “Quote of the Day | Social Security”

  1. It worked fine until bureaucrats made the program wholly dependent on redistribution. Social security is an impeccable exemplification of how seemingly benevolent government actions, which sound good in theory, can easily produce unanticipated consequences in practice.

    Liked by 1 person

    1. Well said!
      Only, I don’t think it ever worked well in the first place. Your comment seems to imply that there was another means by which the Social Security program operated (other than redistribution). Is that so?

      Liked by 1 person

      1. Social Security dispenses government bonds in exchange for premiums. I was under the impression that this program was originally some sort of trust fund. It never was. (I appreciate you calling me on this, as I just went and checked my history books, and I was clearly mistaken)

        Economically speaking, the government can’t possibly spend and save the same money. Social Security is only feasible when operated by means of redistribution. Future retirees invest in government bonds (with the illusion that they are “paying in” to a trust fund), the government subsequently spends their investments, and then only much later are taxpayers forced to subsidize the repayment of the bonds.

        It’s a total mess.

        Liked by 1 person

      2. Absolutely. Also, Social Security is far from being the only governmental initiated mess. The whole system (both past and current) is a complete mess. When America was founded, it was founded on Godly principles, and it worked. But as you know, through the years it has been in a downward spiral as un-constitutional, corrupt men destroyed what has been left of the original system. It will undoubtedly very crash soon unless there is some miracle.
        You have done a great job on your site portraying some of the problems with the what the system has become.
        Love the section on F. A. Hayek! There are so few people who have even heard of him.

        Liked by 1 person

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