This post caused outrage.
The same people in the comments assuring me that “Social Security is self-funded” are angry that I have proposed young people be able to opt out of payroll taxes and fund their own retirements.
If SS was actually a “self-funded” retirement plan as advocates for it claim, then young people opting out of it should not affect one's ability to collect benefits if they “paid into” the system for 40 some odd years.
But the fact that people are angry at me for proposing a youth opt-out is just an admission that these people know that SS is just a legalized government-run Ponzi scheme. You are forced to pay a crap ton of taxes over your working career, the federal government spends it, then pulls money out of the paychecks of currently working Americans to satisfy outlays, who take out a lot more than they “paid in.”
As each generation has fewer and fewer kids and as average life expectancy has increased from 62 to 79 since 1935 (when SS was enacted) all the while the retirement age has barely budged (65 then to 67 now), this system becomes more and more economically unsustainable. This is a natural fact that is not able to be disputed.
I don't fault anyone alive today for having this system in place (blame Congress and the outright socialist FDR administration), but I do fault older generations (boomers in particular) for refusing to do anything about it decades ago because the problem was very obvious by the 1980s, perhaps even earlier than that. They are also still in power today and refuse to let it go, which is unlike any generation before them. And instead of doing the right thing now and letting young people have a say, they want to collect every penny that they can and squeeze the lemon dry.
Even more egregious, the worst part about SS is that when you die, your kids and grandkids cannot collect anything left over. That's all the more PROOF that it isn't actually a “self-funded” retirement savings plan and reforms need to be made.
I don't have the best solution to the problem; people who are a lot smarter than me can figure that out, but the facts above are not up for debate.
Young people should be able to opt out of bankrolling this economically unsustainable, fraudulent, government-run Ponzi scheme.