Via Actionable News
Your Social Security benefits could be cut by a quarter in 2032. Here’s what to know
What I find amusing about this whole discussion is that many people just did not prepare for old age and retirement.
You see it in the comments of any article or video on this subject. I paid into this, so I am entitled.
As I have pointed out many times, this is not an insurance policy, a retirement account, or an investment plan. This is a welfare transfer payment subject to policy changes mandated by Congress. This was already decided in a Supreme Court case in 1960, Flemming versus Nestor.
Life circumstances and bad luck do cause some people to end up indigent. This is what the program should be based on.
The vast majority of recipients just didn’t make good choices over their working lives. They are now reliant on a program whose future rests on the whims of politicians.
Yes, this will get fixed, but only at the last minute. We will likely see a combination of higher taxes, higher retirement ages, higher income thresholds for taxation, and, if that is not enough, the government will monetize the debt it issues to cover the expense.
It all goes back to the root problem that the French economist Bastiat determined back in the late 19th century.
“The state is the great fictitious entity by which everyone seeks to live at the expense of everyone else”
This mindset leads to moral and economic decay, as it encourages dependency rather than self-reliance. He believed that such attitudes ultimately harm society by fostering a culture of entitlement rather than one of responsibility and productivity.
Bottom line: structure your life so you are not dependent on the state.
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[ H/T The Burning Platform ]
Your Social Security benefits could be cut by a quarter in 2032. Here’s what to know
What I find amusing about this whole discussion is that many people just did not prepare for old age and retirement.
You see it in the comments of any article or video on this subject. I paid into this, so I am entitled.
As I have pointed out many times, this is not an insurance policy, a retirement account, or an investment plan. This is a welfare transfer payment subject to policy changes mandated by Congress. This was already decided in a Supreme Court case in 1960, Flemming versus Nestor.
Life circumstances and bad luck do cause some people to end up indigent. This is what the program should be based on.
The vast majority of recipients just didn’t make good choices over their working lives. They are now reliant on a program whose future rests on the whims of politicians.
Yes, this will get fixed, but only at the last minute. We will likely see a combination of higher taxes, higher retirement ages, higher income thresholds for taxation, and, if that is not enough, the government will monetize the debt it issues to cover the expense.
It all goes back to the root problem that the French economist Bastiat determined back in the late 19th century.
“The state is the great fictitious entity by which everyone seeks to live at the expense of everyone else”
This mindset leads to moral and economic decay, as it encourages dependency rather than self-reliance. He believed that such attitudes ultimately harm society by fostering a culture of entitlement rather than one of responsibility and productivity.
Bottom line: structure your life so you are not dependent on the state.
Tweet
Continue reading...
[ H/T The Burning Platform ]
