False security from the right

Powerline:

The truth is that Social Security is an untenable, unsustainable program which, even at its best, fails to meet the most basic test of any retirement program: the recipients of Social Security are entirely dependent on the whim of the State. Congress can, at any moment, cut off all Social Security funding, and no one recognizes any property right in any "equity" built up by decades of contribution to the fraudulent Social Security "trust fund," which does not contain any assets.

The Social Security program is, in essence, a fraud which never could have been adopted but for the widespread belief that each person who contributes money into the system has an "account" with his money in it. It would be best if it were phased out of existence as quickly as possible. Given the political realities, anyone under the age of 50 should be agitating to bail out of the sinking ship and obtain the right to save money, rather than relying on the whims of the political process.

As we've seen in numerous places, SS is not a "untenable, unsustainable program." (More here, here and here. *UPDATE* Here, too!) And to argue that Congress could pull it at anytime is to argue with the lowest form of fear available, akin I would think, to the draft argument made by some on the left during the Presidential campaign. To kill SS would be a suicide pact for any member of Congress, which is why I almost relish the coming debate. If Democrats can be heard loudly and clearly, the GOP is about to run over itself with the bus of government.

One of the things to remember about Social Security was that it was developed to help all retirees, not just those that could afford it. The system was intended to make sure that you didn't have to step over piles of elder too poor to afford housing and food while you strolled to the store or the next football game. These retirement accounts still do nothing to secure anyone's future (as the current system does).

The talk about not being able to pass down your retirement? Well, technically it's not true, because the money that isn't paid out remains in the fund. So eventually that money is passed down.

Another thing I've said before, no one who gets extra money in their check is going to save it. They will spend it as quickly as they can, either to get out of debt or find themselves a way to get into more of it. While the elite at Powerline seem to have all their ducks in a row, millions of Americans do not, and we should not punish them by pulling the SS rug out from under them in the middle of their lives.

Everyone has a "right" to be part of the "ownership society" and own a personal retirement account, by the way. It's called savings and investments. Nothing is stopping you, and if your investments don't pan out, then it must be nice to know there is still hope for your retirement.

I've got both savings and investment, and have already worked enough to be eligible for Social Security. Which makes me feel that when retirement hits, I'll be able to afford all my pills and the heat I need during the winter. It makes me feel, what's the word?

Oh yeah, Secure.