Sunday, July 27, 2014
5 Reasons Why Low Income Americans Should Be Allowed to Opt Out of Social Security -- But Are These Good Reasons?
Columnist Star Parker of The Washington Examiner recently wrote a thought-provoking article on why the government should let low-income Americans opt out of Social Security. She makes many points to support her proposal, but is she right in her analysis?
Here are five good reasons she stated in her column:
#1 - The Social Security system dates back to 1930 and no longer works in today's world. Why? There aren't enough working people paying into the system to support retirees. In 1930, the ratio of those in the workforce compared to retirees was 45:1; today it is 3:1.
#2 - Social Security along with health benefits and interest on the national debt has been blamed for out-of-control government spending.
#3 - The Congressional Budget Office predicts that in 20 years, the government will have no money to pay one third of benefits to retirees.
#4 - Senator Portman's suggestion to reduce benefits to higher income workers would result in Social Security becoming another national welfare program.
#5 - Another suggestion by Portman was to raise the age for retirement, but this means another government control over its citizens, this time telling us when we can retire.
But are these good reasons? What do you think?
To read her full column, visit: