Do you see how govt manipulates these schemes? You contribute compulsorily to your social security all your working life, just so govt can play with you in terms of how much govt will pay you when you retire. Why not let you manage your SS contributions like a 401K account?
What gives Elizabeth Warren or any other f*cking politician the right to decide how much govt should pay you in social security per month? Who died and made her or any other politician God? People should be in charge of their own lifetime savings, not self-dealing politicians.
Social security contributions should be held in individual accounts in the names of the contributing individuals. And it should be forbidden for govt to access those funds as if they are theirs to do as they please (as is unfortunately the case today).
There are those who will argue "but people may make bad investment decisions with the social security account?" I have two answers: (a) govt can restrict the number of investment choices in SS accounts, (b) we let people manage their 401K accounts today, why is this different?
Finally, these SS accounts can default to investments in treasuries. The long term return will be still phenomenal and guaranteed. And we will never hear about the risk of social security going bankrupt, which is happening today.
How about those who don't have much by way of social security contributions? Well, what about them? How do you think they are paid social security today? They are paid out of the the same govt treasury where our tax dollars flow, and they can continue to be paid out the same way.
When govt is topping up an individual's SS payments to meet a minimum national standard, in that case let the govt decide what that standard ought to be, just as it does today. It's fair for govt to control how much it pays you when it's paying you other people's money.
The End
The End
