How could you not support Social Security?

Question

People say "we need the freedom to invest however we want for retirement." That may be fine for those making over $80,000 a year. But the people of a low pay service economy don't have the money for milk and bread after buying gasoline. How are they going to put away a life savings?

What mechanisms are in place to make sure the working poor in society, for whom Social Security always guaranteed at least some sort of after-work income, will have any income at age 66?

Answer 1

66 years old is way too old for retirement, that's just barely enough time to wind down and die.

It would be nice to argue for less government regulation, but corporations are just as bad if not worse and are indeed themselves forms of government. The only difference is that "the government" has a goal of reporting to the people or at least pretending to whereas corporations have a goal of reporting to stock holders.

Answer 2

No one I know is advocating doing away with Social Security totally. They just want the option to put a portion of their money into other types of long-term investments. I wish I had the stats, but once I saw a comparison of what your money could have done if it had merely kept up with the average in the stock market. Your return would easily have been twice what you would have gotten from Social Security.

But the other issue is... Social Security is simply not sustainable as it exists today. There are proportionately fewer people earning money compared to those that are aging and drawing on it. The hole at the bottom of the pot is just too darn big!

Answer 3

With current crisis one do wonder what is there for people to beat statistics whilst greed catch up with less unfortunate to draw another epic drama to shadow poverty. I think is what Cooperation can also contribute as when we say global village we don't throw all our energy on the government at the end of the day; whilst this is the the time many men and women from the boardroom needs to make sense to the young ones that is not fruitful all the time rather we should start playing investment at childhood to constitute when hardship falls at dawn. Certain people have done to constitute hard work so is not excuse for less.

Answer 4

You're right - and it's even worse than you suggest, in my opinion.  What happened is Wall Street said, "Wow!  Look at all that Social Security money!"  

President Bush and his banking buddies came with the privatization concept.  It's a give-away to the banking community, the opposite of protecting the people.