Last week, we had an opportunity to sit down with local senior citizens to discuss the future of Social Security, Medicare and other pressing issues. We always have good conversations with these folks and look forward to voicing their concerns down in Washington.–Rep. Tom Reed, facebook, Aug. 6
… a person retiring today, if they had been able to put their Social Security money into an S&P 500 Index Fund, would quite literally be a multi-millionaire. And they would have all of that money to be able to pass on to their children or whoever else they chose when they die. Your Social Security account dies with you, even if you die before ever seeing a dime back from the system. It is absolutely unconscionable what the social security system does – on a compulsory basis – to entire generations of Americans.—seen on facebook
I’d have less of a problem with SS if we could choose where and how to invest. Letting the Treasury use it, isn’t cutting the mustard.—seen on facebook
a Ponzi scheme—seen on facebook
Go ahead get rid of Social Security but I want a full and complete refund of every cent I paid in.–seen on facebook
We often see opinions like the above.
- The idea that people would be better off saving their money is common but false–insurers would be out of business if this were true.
- If saving could make us millionaires, there would be many more millionaires.
- You might die young, or you might not.
- Insurance works best when the risk is shared by all.
- Treasury bonds are a very good investment.
- Calling SS a Ponzi scheme doesn’t make it true–SS won’t go broke as long as our Constitution lasts.
We buy insurance to share the risk. Your house might not burn, your ship might not sink, but you need insurance in case it does. Social Security is very valuable insurance.
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