From an op ed in the Washington Examiner, a right wing newspaper:
... It's time for Washington to cut millennials a deal and give us a chance to get off the ship before it sinks, saving our wallets and the nation's ballooning deficit. Congress ought to pass a Social Security buyout to anyone who wants it.
The government has promised Social Security payments to Americans who have spent a lifetime paying into the system. Given the structure of the program, that requires taxes from Americans working today. A buyout that required Americans to pay double or triple the amount of Social Security taxes for a finite amount of time in exchange for being released from the program for the rest of their lives could circle the square. Current retirees would be funded by increased Social Security taxes on Americans taking the buyout, and millennials could be saved from a lifetime of paying into a broken system....
If someone did such a thing, what would he/she do if disability hit? Or death? Dumb idea.
ReplyDeleteSell your soul to the devil today for more money and some day you will regret it!
ReplyDeleteAny time I read one of these articles, I remember that the people who write them will have enough savings to consider Social Security a nuisance, and just don't want to pay into it.
ReplyDeleteOr as a buddy of mine puts it, "this peasant's breath is warming up my caviar"
I will take the deal in a heartbeat.
ReplyDeleteAnd what does this writer intend to do when all the Millennials hit 67 and don't have any savings?
ReplyDeleteUnfortunately most people do not save for their retirement, no matter their income. Most people would rather spend their money now and worry about the future later.
Social Security was designed to deal with this problem.
There may be ways to reform Social Security, but allowing people to opt out would be a disaster. Many of those people who opt out will one day be 67 and penniless. The Government will have to support them anyway.