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The problem is that in a capitalistic society (one which the right feels should have no rules or regs.) those dollars you think you can save and use later do not wind up in your pocket. They will be taken in expense fees, transfer fees, fees that the industry will come up to take more and more.
So SS and Medicare are the best socialist ideas this country ever adopted. The best conservative idea turns out to be the ACA (Ocare).
It's an insolvent and unsustainable Ponzi scheme that anyone who works is forced to participate in. Calling it insurance is a con.
Yes it should be ended.
A Ponzi scheme will eventually run out of other peoples money.
The U S government will never run out of money because they can print their own.
I am a conservative. Social Security and Medicare are two measures that HAVE reduced poverty levels among the elderly since the 1960s. Both are systems that have benefits to society; however social security has been abused by the "disability" crowd, many of whom recieve benefits without merit. That does not diminish the beneficial effect to millions of Americans who, without that system, might be living in poverty.
I looked at my "expected benefits" from Social Security and what I have paid in. By the time I quit working, I will have paid in over $3 million to social security. I will probably get back $600K (if I am very lucky).
One must look at social security as an additional tax for most. This is why one must consider this "tax" (it is a tax) when there are additional calls for increased taxes by the left.
I shall address the disability issue, since I work for Social Security writing the ALJ decisions for those seeking disability.
One big problem with Social Security disability is that once a person starts getting benefits, many stay on for the rest of their working lives (up to retirement age, at which time 'disability' ends and 'retirement' benefits begin).
When I started with the (then-named) Office of Hearing and Appeals in 1988, I came in at the end run of an initiative by President Reagan, whom ordered that those receiving disability benefits have their cases reviewed for medical improvement. I, at first, wrote many 'cessation' decisions.
However, over the intervening decades the number of such cessation cases dropped, dramatically. Some three years ago President Obama ordered that the Social Security Administration increase the number of cessation cases. Indeed, when the cases started to hit our office, it turned out that I was the only attorney left (from the old days) who knew how to write such cases.
It still is a small number, however (for Obama did not order a wholesale review as did Reagan). One reason is the lack of funding. We are very short-handed as it is, and, anyway, we can only review those cases appealed (by the claimant) from the state level (the state DDS offices are the ones that start the cessation procedure; it they do not initiate the cessation process, then cases cannot rise up to the Federal level on appeal; they are even more short-handed and lacking funds than we).
I do wish that Congress would at least investigate the possibility of an automatic limitation in how long certain categories of disability recipients may receive such benefits. For instance, a 28 year old that received disability due to a back injury (requiring surgery) should get 5 or 10 years of disability benefits, and no more. It should not be a ticket to such benefits until he reaches retirement age.
Likewise, a lot of people are getting disability due to 'depression' or other mental disorder. I just finished working on a case (denial) in which the woman went to the local MHMR clinic (a week before filing for disability!) saying "I have bipolar disorder". The caseworker quickly discovered that said person had no idea what 'bipolar' meant. She then claimed that her parole officer told her she was 'bipolar'. The caseworker then asked the claimant if she felt: depressed, helpless, trouble sleeping, mood swings, delusions, hallucinations, etc. The caseworker noted that she answered 'yes' to every single cited symptom. Fortunately, the ALJ did not believe a word she said (the only thing wrong with her is extreme obesity, being 300+ pounds).
Anyway, even those found disabled due to 'depression' should only get benefits for a set number of years (with, of course, exceptions). Note that I am not addressing those with truly chronic disorders (mental retardation with I.Q. below 60, etc) that can be expected to last a lifetime (and which are usually paid quickly at the state DDS level).
I recall, years ago, that a claimant was very mad that he was not getting his disability benefits (by the state). When he appealed up to us, he wrote some angry letters to the judge, including one in which he said "just pay me the money I have paid in, that is all". I looked up (as is my right as the attorney on his case) the records to see how much he had actually paid into Social Security disability: it was all of $380.00. He was seeking (at the time) Title II disability insurance benefits which had a minimum payment (if I recall) of $350.00 per month.
Such is the case in many instances. For Title II (which is the Title in which a person becomes 'insured' for disability insurance benefits via working and paying in) many of our claimant's earn just enough to become insured (usually total earnings per year will be around $13,000 to $15,000). If they start to get disability benefits (not to mention Medicare coverage after two years of disability) they usually are paid back what they paid in after several months. I read (I can't recall where) that the average disability claimant will be paid some $300,000.00 over the years they are on the rolls (again, many stay on until retirement age). It is unsupportable.
Currently social security works in most countries by having the working (the kids) pay for the retired adults (parents).
This is one of my biggest gripes. Young people who are just starting out in life trying to raise a family, buy a home, etc. are forced to subsidize people who spend their day golfing and gambling and have had a whole lifetime to save for their retirement.
To those who say Social Security is funded for decades, this is not true. Costs with exceed revenue in 2021, that's six years!
This is one of my biggest gripes. Young people who are just starting out in life trying to raise a family, buy a home, etc. are forced to subsidize people who spend their day golfing and gambling and have had a whole lifetime to save for their retirement.
To those who say Social Security is funded for decades, this is not true. Costs with exceed revenue in 2021, that's six years!
Just a small but gowing part of the problem is those that collect social security having never paid in a penny.
Some will say I am wrong in saying that but I am absolutely correct.
I paid in for over 50 years. I probably won't live long enough to draw it all back out, many people don't. Where is the money for all those who die before they are old enough to draw anything?
For most Americans retirement with Social Security is a necessity. Today corporations and small companies like to dump their senior employees because they have accumulated too much vacation, sick time, etc., their pay is too high, or the medical insurance companies double and triple their rates on older employees. Like it or not most Americans find they have no choice but to retire and collect SS. BTW, the least won lawsuit is for age discrimination. What would the OP suggest these people do?
I always enjoy those posts from people who are irate about paying SS. I am sure when it becomes their time to collect they will turn it down.
Then we have the issue of the $117,000 cap on SS collections. With all the millionaires and billionaires that is a huge loss of revenue. Secondly as reported on the Nightly News most of the wealthy also collect SS of somewhere around $2500 a month. They don't need it to live so for many of the rich the SS money pays for their yachts while the average SS payment is about $1000 a month. While some think SS recipients are living the life of Riley most are deciding between food and medications.
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