Obama Expansion Of Social Security

[Taylor]

Well, it does not resemble insurance at all, but when you look at your paycheck, it sure does look like a tax.

It does insofar as most have to "pay to play" - the same can't be said of the almost 50% who don't pay federal taxes.

 

[JoeTheEconomist]

Well, it does not resemble insurance at all, but when you look at your paycheck, it sure does look like a tax.

It can't be a tax. A tax provides for the general good of the nation, buying golf lessons for the poor and the like. SS tax creates a promise of individual benefit. I pay a dollar and the government promises to repay me that dollar in the form of future benefits. You can call it a loan. It isn't a tax.

 

[Anthony60]

It can't be a tax. A tax provides for the general good of the nation, buying golf lessons for the poor and the like. SS tax creates a promise of individual benefit. I pay a dollar and the government promises to repay me that dollar in the form of future benefits. You can call it a loan. It isn't a tax.

Not really, there is no promise. The government takes your money, does not invest it (LOL), and just gives it to someone else. Redistribution of wealth.

 

[JoeTheEconomist]

Not really, there is no promise. The government takes your money, does not invest it (LOL), and just gives it to someone else. Redistribution of wealth.

There is a measure of ideology in your answer that is opinion without a basis in law. Yes, you may not get a penny, but the law today says that you will get back your dollar. There is a promise - that can't be argued. You doubt in the value of the promise is likely sound. But your argument is basically that SS isn't insurance because of you doubt the value of the promise rather than whether one legally exists.

 

[JoeTheEconomist]

No, I do not want to do that, though increased savings would be one result of replacing SS. Replacement would be by installing a minimum income of some type. This would replace the other social programs as well.
Phasing out was only to indicate that an immediate discontinuation would cause to much individual hardship as a result of system change and put the legitimacy of the US government in question.

Here is the WSJ's article : A Guaranteed Income for Every American - WSJ by Charles Murray