As many entitlement reformers have noted, the very first American to benefit from Social Security, Ida May Fuller, collected nearly $23,000 in government pension benefits after paying in less than $25. At the rate we’re going now, my kids and the Obamas’ kids will never see a dime of what they are forced to put in. They’ll already be waist-deep in the red as they entire their prime earning years. A truly modern government pension plan would follow the private sector by moving from a defined benefits plan to a defined contributions system – and by injecting free-market competition to improve returns.
Instead, we are dooming a generation of reverse Ida May Fullers who have no choice on where best to “invest” their automatically confiscated payroll taxes. The dawdlers and demagogues in Washington aren’t “winning the future.” They’re robbing it.
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