I wrote earlier in this post that I don’t believe we have a sacred obligation as a society to pay all of the Social Security benefits that the retired and soon to retire expect.
Social Security may have been designed as a trust fund, but it has functioned as a revenue stream for other government programs. All future payments, every penny, has to come from future taxes, either to directly pay the retirees or to pay the government IOUs to the Social Security fund. There is no money in the trust fund; it is empty.
After giving some more thought to the morality of Social Security, I now feel even stronger that the fairest way to fix the future problem with Social Security is to start reducing benefits now. As a society founded on the principle of “no taxation without representation”, we do have a sacred obligation to pay our own way. It is unholy, and I believe un-American, to require anyone who is not of voting age to pay for our retirement.
Workers in my age bracket will be hurt the most by reducing benefits because we will have paid the most in to the system by the time we reach retirement age. Too bad, we need step up to the plate and set an example to do what is fair and right for everyone now and in the future.
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