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Young people paying for elders’ lifestyles
Social Security was founded in 1935 by FDR to, in his words, “give some measure of protection to the average citizen and to his family against pauperism-ridden old age.” The combination of longer lifespans and the natural tendency for politicians to buy votes has now made the whole Ponzi scheme untenable, as the “Water’s Risin” editorial (Free Press, 3/31) makes plain.
Try to tell a retiree with a seven-figure net worth they shouldn’t be receiving a Social Security check and stand back for a vehement reaction to the effect of “I paid into the system, so I deserve it.” No, friend, that was a transfer payment to the retirees of that era.
Now, the whole scheme is a reverse Peter Pan … take from the young and poor and give to the old and wealthy. The working class is paying for retirees’ yoga classes. The young need to demand changes to the system before the train hits the wall — means testing for benefits would be an important start.