Friday, December 17, 2004
Some Original Thinking About Social Security: Kill It
In my view, there is only one honest approach to Social Security: fulfill obligations to pay benefits to those who have already paid in and allow the rest of us as quick and expeditious an exit out as possible. Then shut the doors forever.
If this seems radical, I'll ask one question. If Social Security did not exist, and we attempted to enact today a system like we currently have, would it pass? The answer is unquestionably no. There is no way that any working American would agree to turn over to the government 12.4 percent of his or her paycheck in exchange for a benefit that has no guarantee, on which ownership has been relinquished and that is less than what could be obtained by buying risk-free government bonds. No way. Zero chance.