A Contrarian’s View of Social Security - RealClearMarkets
It’s often assumed that because Social Security is a universal program, in that most Americans pay into the system, it would have universal support. Not so. John Tamny, editor of RealClearMarkets, is critical of Social Security for even existing. His article notes the bankruptcy discussion is irrelevant because the program itself is superfluous. His criticism is of the “savings account” or “lockbox” concept, which of course is indeed inaccurate in how the program works, as well as the forced payroll tax contributions American workers and employers are forced to make. He notes, “What if the 6.2% hit on income and employers had long been directed into a private account with equity exposure. Think about all those decades of stock markets moving higher. Think of the wealth accumulation we’ve missed out on.” Read Tamny’s full article here.
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