Is Social Security Still A Good Deal For Workers?

Glenn Reynolds

NO. NEXT QUESTION? This is what happens when a pyramid scheme breaks down. At the top of the pyramid, it’s a good deal. At the bottom, not so much.

Like a lot of government programs, when the inevitable failure occurs the results are catastrophic.

Even the government controlled press is beginning to notice:

If you retired in 1960, you could expect to get back seven times more in benefits than you paid in Social Security taxes, and more if you were a low-income worker, as long you made it to age 78 for men and 81 for women.

As recently as 1985, workers at every income level could retire and expect to get more in benefits than they paid in Social Security taxes, though they didn't do quite as well as their parents and grandparents.

Not anymore.

A married couple retiring last year after both spouses earned average lifetime wages paid about $598,000 in Social Security taxes during their careers. They can expect to collect about $556,000 in benefits, if the man lives to 82 and the woman lives to 85, according to a 2011 study by the Urban Institute, a Washington think tank.

Of course, the AARP is still shilling for the government.   Every time that gang of looters sends me an application I use their prepaid envelope to send back a "hell no."  I just joined Generation America just to support them as an alternative to the AARP.