Social Security is marketed to the American people as a retirement savings plan, however, it is really a tax on all taxpayers that results in low interest loans to our government. There is no “lock box” and the money you pay into the system today, is used to pay current recipients in what amounts to the biggest Ponzi (pyramid) scheme ever.
If you or I were to try and establish a private system that operated the same way, we would be put in jail. We just recently started to retire 77 million baby boomers and despite constant campaign promises that the “social security crisis” would be addressed, it has not.
While we absolutely must keep the commitments that have been made to existing recipients and those who are dependent the system. Anyone who desires to, especially younger workers, must be given the ability to “opt out” of this woefully inadequate and poor performing system.
Younger people are quickly realizing that if they were allowed to invest the same amount that Social Security takes from them in the private sector, they could retire with two to three times more income than our government promises them. It is unfair, immoral and unethical to not allow them this option.