Eliminate Social Security
By Tim Heinze | Nov. 15, 2015Social Security is close to being an untouchable government program. No politician wants to suggest reforming or eliminating it for fear of irritating the masses of older Americans who want to see the money they paid into the system returned to them. However, Social Security will need to be modified at some point. A system based on younger generations paying for the older generations’ retirements only works when the labor force is large enough to foot the bill of retirees. While that may have been true in the past, it won’t be true forever. Consequently, a change in either benefits or the 12.4 percent effective income tax to support Social Security must occur in order to prevent the program from becoming insolvent.
