Sunday, January 11, 2009

Why does everyone get social security

Social security is a wealth transfer program from young people to old people. There is no such thing as an account that anyone has which contains their "contributions". Those contributions were used up long ago and the monetary payments current recipients receive are taken from current tax receipts. If we can agree on this basic fact (and we should because it is true) then it begs the question why there isn't a wealth test for those who receive benefits. I am all for helping those who need help, but rich people, who inevitably grow old, should not magically be entitled to my or anyone else's hard earned money. They in no way "need" the money. If they wish to claim that they earned it, it just isn't true. They were earning nothing for themselves, they were only the first patsies in the ponzi scheme known as social security to pay for their parents and grand parents. I can't help the fact that they were taken advantage of, but that is no justification for taking advantage of their children and grand children. Let's help those who need it and not tax our children to enrich the lives of already very wealthy individuals.


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