Social Security is a Joke

I was listening to talk radio today and there was a comment on the state of social security and how the government has promised us retirement benefits but are on the verge of breaking that promise. The point was made that we pay into the system our entire life but instead of keeping that money safe politicians have spent it and the money isn’t there. The radio personality then said that he would prefer to have the option to opt out of Social Security completely and not receive any government benefits at all.

As a young man just starting out in the working world and having been raised with the constant reminder of the flaws of Social Security I don’t expect a thing. For me Social Security is just another tax that I pay and don’t expect anything in return. I think that President Bush’s plan of personal savings accounts is a good start for me in getting to keep some of my money, but I know that it will not fix Social Security, and if current plans are enacted, I will only see 5% or less of the money that I put into the program.

Social Security may benefit the short sighted and those who fall into hard times, but for the wise and savvy worker and investor Social Security is a fire where money is burned and wasted. My parents and grandparents generation bought into the government promise, many of them heard it with their own ears, but 50 years later the term Social Security means just the opposite. If the option is given to current workers to opt out of paying social security the program will die that same day and the government will have to find a different way to provide the promised benefits to those currently being supported by the program.

The program is a joke, there is no way to save it without serious economic ramifications. From my perspective the only way to save the program is for either my generation to give more or my parents to receive less. Since the baby boomers are more numerous than the current work force the former solution will most likely be the result. I say, end Social Security, set up a plan to faze it out over the next 30 years. Stop allowing new beneficiaries that were born after 1965, increase sales tax to cover the expenses, and let me save my money to provide for my own future.