Word: socially
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Dates: during 1980-1989
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THAT'S right, scrap the entire Social Security program. Even if you believe (as I certainly do) that the U.S. government should provide income security to the elderly and disabled, you could scarcely devise a more unfair and inefficient way to do it than the Social Security system...
What's so wrong with Social Security? Only that it systematically undercompensates the needy, systematically overcompensates the non-needy, discourages the elderly from working and forces much of the expense of the system onto poor workers who can least afford...
...Social Security currently pays benefits to everyone of retirement age who has contributed to the system for a minimum number of years, regardless of how much other income they receive. These benefits are financed by payroll taxes on workers currently in the work force. That is, retirees are not just getting back money that they have paid into a trust fund. Social Security is not a savings plan, but a massive intergenerational transfer of wealth...
...most obvious problem with Social Security is that elderly Rockefellers are just as entitled to benefits as poor widows. Even Ronald W. Reagan, who made a career of blasting free loaders on the dole, recently applied to get his $800 per month...
What's worse, the Rockefellers actually get higher benefits than poor retirees. This is in keeping with the fiction that Social Security benefits are just a repayment of the individual's contribution...