Are Social Security Deductions or Contributions Needed?

Social Security was set up as a supposed insurance program which it never was. It’s not insurance, with no lock box, no reserves, and no benefits directly tied to contributions. As I have always said, it is more of a Ponzi scheme than a legitimate retirement insurance program.

                       

There’s been talk of doing away with the payroll deductions because it amounts to a severe “progressive” tax that liberal politicians abhor. But there is yet a better argument for doing away with the deductions. It would stop the masquerade that Social Security is a legitimate insurance program.

                                           

Private Social Security is a viable option. Those who don’t like common stock can instead invest in government bonds. (See the Earl J. Weinreb NewsHole® comments and @BusinessNewshole at twitter.)