Social Security is the Goverment’s way to force you to save for the future. It takes 6.2% of your paycheck, it takes another 6.2% from your empolyer and then they go on and buy Treasury bills with that money giving a bullshit growth rate of 2-3%. If this is stopped unemployment rate will come down as it will be cheaper to hire people.
It is the 2nd biggest thing on the budget each year, costing over a trillion+ dollars each year. The US budget could actually shrink for once.
It hires 60000+ employees who make an average of 39,000$ per year. That comes out to be 2.34$ Billion Dollars of payroll. Any fund that promised 2-3% gain on your money on Wall Street would not be in business long.
Social Security has Asset reserves of 2.852$ Trillion Dollars, that is the biggest pile of money that is burning anywhere, especially after inflation bieng so high. Imagine what that money can do in the free market, where would the stock maket be right now with that kind of influx, or the money can go into developing real estate, help start new companies. The point is that money has real potential and all that potential dies when it reaches the goverment’s hands.
The money is so mishandled that it can only pay 78% of its obligation starting year 2034
Will Social Security run out? Here's what could happen to your benefits.
So how can this be done responsibly.
-People that just started working 10 years or under can be paid back all their money right now from the fund.
-Anyone else that has been working for longer should be given a T-bill that is not tradeable and has no value at sale but can periodically payback the tax that was taken from them, that way the goverment can payback its obligations without printing more money and causing even more inflation. Its your money you should have the right to save/invest it the way you want, Not some goverement bureaucrat.