Saving Social Security: Pension vs. Welfare

26. May 2009 by Da Fu.

Social Security is going to run out of money soon. The best way to save them is use them for what they were intended, that is a pension not a welfare fun. The following is my reasoning.

Social Security was developed as a Pension fund. Unfortunately, it pays out a lot more than is funded by the participant. This makes Social Security a Welfare Fund. Most do not have a problem paying Social Security Welfare for those who fail a means test. This does not happen so that many with good incomes receive Social Security Welfare even though they do not need welfare.

Social Security Pension money should repay according to the person’s investment in the fund. Once this runs out, a means test (e.g., income less than 200% poverty level) should be used to exclude those who do not need social welfare.

I imagine many would be eliminated from the SS roles with a means test after their Pension runs out. Many like me would probably even donate our SS Pension as long as it was matched by Congress to avoid having Congress continue to pillage the SS Pension.

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