It would be more helpful to know the median net worth of people over 65. The average doesn't tell us much about the distribution of wealth in that age category.
That is the average value of a home, so yeah, that sounds about right for net worth. Btw, if your home is most of your net worth, unless you get a reverse mortgage, it's not all that helpful to you.
This article is annoying. He compares net worths but not incomes. But if that's the way conservatives want to play, fine. Let's start taxing net worth instead of income, since that's so much more important. I hope he wrote this article for free...
Williams is the most crackpot of crackpot libertarians (except when libertarian philosophy happens to conflict with the GOP party line, in which case he takes the party line). Any libertarian writing about Social Security should be able to restate their argument in 2 words, "eliminate it." Beyond that, libertarians have nothing useful to contribute on how and whether to make changes to the Social Security system.
While he does a good job pointing out that FICA money goes into a general fund, you don't have your own individual account, etc., etc. he completely fails to address the fact that older folks, hell, even younger folks, HAVE paid significant amounts of money into SS (whether it was to pay for then-retirees or not is of no matter) and would not get that back if the program were stopped. Where's the fairness there?
And I really don't get the obsession with calling any system that has any "current payments/past debts" facet a Ponzi Scheme.
is that average net worth of people over 65 really $230,000? I find that hard to believe...
ReplyDeleteIt would be more helpful to know the median net worth of people over 65. The average doesn't tell us much about the distribution of wealth in that age category.
ReplyDeleteThat is the average value of a home, so yeah, that sounds about right for net worth. Btw, if your home is most of your net worth, unless you get a reverse mortgage, it's not all that helpful to you.
ReplyDeleteThis article is annoying. He compares net worths but not incomes. But if that's the way conservatives want to play, fine. Let's start taxing net worth instead of income, since that's so much more important. I hope he wrote this article for free...
Williams is the most crackpot of crackpot libertarians (except when libertarian philosophy happens to conflict with the GOP party line, in which case he takes the party line). Any libertarian writing about Social Security should be able to restate their argument in 2 words, "eliminate it." Beyond that, libertarians have nothing useful to contribute on how and whether to make changes to the Social Security system.
ReplyDeleteWhile he does a good job pointing out that FICA money goes into a general fund, you don't have your own individual account, etc., etc. he completely fails to address the fact that older folks, hell, even younger folks, HAVE paid significant amounts of money into SS (whether it was to pay for then-retirees or not is of no matter) and would not get that back if the program were stopped. Where's the fairness there?
ReplyDeleteAnd I really don't get the obsession with calling any system that has any "current payments/past debts" facet a Ponzi Scheme.