Saturday, May 15, 2010

Should Social Security only be paid out to 'those in need'?

I came across this post written by a self-deprecating Senior. article

People who pay into the system expect to get money out when they retire (or become disabled, etc). Is this money 'rightfully theirs'? Yes it is. And just because 'the system is broken' doesn't mean we just suddenly stop giving people their money back as promised. This isn't a tax which is taken by the government for the betterment of everyone. Using tax monies, the government builds roads, and defends the country, and regulates interstate commerce. This is money 'set aside' for retirees. It was put into the system (although not voluntarily) with the idea that they get it back when they reach a certain age, usually at retirement.

If we were a socialist society, we could, indeed, take monies from the 'well-off individuals' and give it to the 'less-fortunate'.

But this is a democracy. A place where people can reap what they sow. If you work hard, you can do well. Not guaranteed, but it works for most people. Individuals are free to donate money or their time to others to help them. But they are not required to do so.

Here is an article with the Pro and Con sides: US News SS Means article

And for those interested, here is a full history of Social Security: SSN History

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