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Author: PMcMullenCT Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 5267  
Subject: Re: US Savings Rate Date: 1/16/2001 12:13 PM
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It's absolutely the exact opposite. By linking benefits to taxes paid you are telling people that they deserve social security and that they are "entitled" to it. By making social security a welfare program, which I believe it is and always has been, you are telling people that the benefits they receive are charity. Most people don't like to receive charity, so they will work hard to avoid having to "live off the government". If they think that they are entitled to the money, they don't feel bad about collecting social security.

If you make SS a "pure" welfare program, why not then take advantage of ecomnomies of scale, abolish SS and consolidate welfare for old and young?

I would agree that SS has problems, but I would prefer the privatization approach. Starting with the Bush plan to direct a small percentage to private savings accounts, and gradually increasing the percentage until it's 100% privatized. Along the way, extend welfare benefits to those who haven't saved enough.
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