Walter Williams has this article, Duped by Congressional Lies, in which he responds to readers who complained about his previous column, Immoral Beyond Redemption. In the previous column, Prof. Williams had referred to Social Security and Medicare as “handouts.” In the current column he clarifies what exactly Social Security is and what it is not. Social Security is NOT a “bank account,” in which you put some of your earnings, reserved for you to be paid later after retiring. You don’t “pay into” Social Security, the money is taken from your earnings by the government without your consent. And the source of the payments that current Social Security recipients receive is NOT from any “account,” but from the earnings of those currently employed. It is a redistribution of wealth scheme, from primarily younger working people to older mostly retired people, and that’s it.
I have written quite a few times now about how the Social Security system needs to end. A lot of people depend on Social Security checks, however. But if we get rid of the IRS and the income tax and capital gains taxes, and other taxes at the same time of ending Social Security (as well as replacing the Federal Reserve and legal tender laws with banking and monetary freedom and competing currencies and free choices sans government intrusions), families can once again be able to afford to care for their elderly members, as it should be, and as it was before Fascist Delano Roosevelt came in and took advantage of the despair and vulnerability that swept the country after the Crash of ’29 and during the Great Depression.
It is a clear violation of liberty for the government to order someone to participate in the government bureaucrats’ retirement schemes, regardless of how profitable, efficient, or convenient they might be. People have a right to choose whatever retirement plans they damn well want to use, and it’s none of the government’s damn business!
Murray Rothbard on the “Social Security Swindle”
Frank Chodorov on “Soaking the Poor“