Tom Hurst writes on liberty, free markets, private property rights, government and the Constitution from Nevada, USA
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ARCHIVE ARTICLE

COMMON SENSE Volume II: Social Security

"We're Mad As Hell, And We're Not Going To Take It Anymore!"

By Rebecca Iocca & Tom Hurst, 2005

You could be a millionaire! Here's the math: If the average American saved on their own the 15.3% that Social Security now takes, even very conservative investments would not only produce a monthly retirement income of more than $5,000, but would create an estate of over $1 million, where Social Security gives you a meager income and no estate at all. Yes, it's true, if only you didn't have to waste 15.3% of your income on Social Security. Let's fantasize for a minute and examine just how you would live with the $1 million and the monthly income it would generate. You could retire when you saw fit, have more free time to spend with loved ones, or volunteer at your church or charity. You would be able to provide a better life for your family, and would be able to will your money to whomever you choose.

Now, let's see what the government's dream for your $1 million is: You must work until you reach the ever-increasing official retirement age, and are forced to pay an ever-increasing percentage of your income to Social Security. This impoverishes your family and makes you work harder and longer. When you die, your loved ones will never receive the benefit of your lifetime of labor. And, after you've jumped through all of their hoops, they tax you yet again. To sum up, the government's dream for your retirement is to take your money from you and spend it as they please - there is no trust fund. Social Security is a pyramid scheme, and all such schemes fail without fail. This is a bad deal.

So, why do we keep perpetuating Social Security? Because the government plays on people's fears and sense of insecurity by saying that people won't save for themselves and will wind up broke and homeless. They also play on our sympathies by saying that current recipients will starve if we don't continue paying. The final hook is that they guarantee your future income. In fact, none of these things are true. History and human nature both confirm that the vast majority do save for the future, and that charity will provide for the unfortunate and the irresponsible. Current recipients can be provided for by selling unconstitutional Federal land and assets. And the income we are guaranteed is so meager that it only guarantees our poverty. The Republican and Democratic "solution" to the Social Security crisis is to perpetuate the failed program with ever higher taxes, ever lower benefits, continual increases in the retirement age, and possibly a partial privatization of no real consequence.

Our solution is to abolish Social Security and allow you to invest for your own future as you see fit. We will protect current retirees and those near retirement by using the proceeds from sales of government land and assets to buy private annuities from stable insurance companies that, unlike the government, have never broken their promises.

To summarize, the government will have no further Social Security liability to anyone. NO retiree will be left in the lurch, and neither you nor your children will ever again have to pay the 15.3% Social Security tax. Our solution is the only plan that will take Social Security completely away from the Republicans and Democrats and give you complete control over the money you earn and invest. It's the only way your retirement, and that of your parents and grandparents, and that of your children and grandchildren will finally be secure. It's the only solution worthy of a free country! Remember, evil flourishes when good people do nothing. Take action by supporting independent candidates who are pro-Liberty!

[Other articles may be accessed via the Archive page.]


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Tom Hurst - Defender of liberty, free markets, private property rights, and the Constitution