August 18, 2004, on this blog: Social Security quick change
The quick change artist is an expert at spending the same money for many different things at the same time. And it’s not even his money.
… Under the present system, a worker’s payroll taxes pay not for his retirement but for that of current retirees. Under a privatized system, your taxes would be diverted into an account that would be invested and from which you would draw your pension. Any attempt to switch between the systems, then, finds a current worker’s tax dollars being promised both to the worker and to today’s retirees.
Same con. Much higher stakes.