Social Security Is Not Insurance

Social Security Is Not Insurance
“(The site) treats SocSec by comparison with an investment vehicle or a real insurance program and then says that it is poorly managed. The problem, though, is not management; it is managed the same as any program that robs Peter to pay Paul. "

~Ludwig von Mises Institute
Our Response

Throughout our site we treat Social Security as an insurance business because the Government says that it is. On the SSA's website : "The payroll taxes collected for Social Security are of course taxes, but they can also be described as contributions to the social insurance system that is Social Security." Source    

We completely agree that Social Security is an income transfer between strangers enforced by law.  The country elects representatives who are unwilling to open a discussion about the justification of forced redistributions.  Therefore we accept that it is insurance, and make the point that it is very poorly run insurance.  We point out that the design of the system is horribly flawed, and will at some point implode leaving many in abject poverty.  Basically we are not as worried about what it is called, as the disaster that is forming within it.

Ludwig von Mises Institute

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