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The Safety Net That Isn't

silentCalfan Wrote: Jan 06, 2013 2:42 PM
Among its many flaws Social Security has a reverse Robin Hood effect: it takes FICA taxes from young struggling workers to pay benefits to affluent but no-longer-productive retirees like me who don't need the money. My solution? Give your SS payments to your children if you don't need the money.

January 6, 2013

Congress has just raised payroll taxes. It has done it before, and will do it again.

Our august solons excuse themselves, however, by pleading that the 2 percentage point hike is merely the sunset of a tax holiday. And necessary to shore up a faltering system.

It’s not a triumph of responsibility, though.

What is responsibility? Every year the Social Security Administration sends out a helpful note to its “clients” about how much we’ve contributed in payroll taxes. The kindly bureaucrats also warn us not to...