About Chapter 4 in “A Simple Guide” – Entitlements
Most people think that Social Security means financial security for their retirement years. We cut through the 2009 Social Security Annual Report from the Trustees for Social Security to plot a Social Security Benefits index. You pick a birth year from 1869 to 2009 to see what of three categories: payroll taxes paid by others, printed cash from the Social Security Trust Fund IOUs or something not yet identified, will provide you with your benefits. The system is going broke quickly, and the younger you are, the worse the outcome is going to be. If the government had opened a savings account and invested all your payroll taxes in 6-month CDs for you, everyone would have a lot more money at retirement than they are going to get from “Social Security.” The system was designed to buy votes from a couple of generations of American workers who would have been better off having saved their own money.
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