Monday, August 17, 2015
Does the top 1% really favor means testing of Social Security now?
Check this column on p. A19 of the New York Times Monday, Aug. 17, 2015, p. A19, by Paul Krugman, “Republicans Against Retirement”, link here.
The top one percent seems to be for cutting Social Security benefits to those who “don’t need it” (Them!). The average Republican voter still wants to protect Social Security. Trump reportedly has little against Social Security as it is.
For someone in my bracket, my benefit is tied to the amount of FICA tax that I (and my many employers) paid while I was “working”. I think of it largely as an annuity.
But legally it is still “welfare” (the Nestor opinion), and a hard-liner could say, I was simply taxed when working to pay for others. Too bad to be caught in the middle, but that’s the breaks. Even Harry Browne had wanted to stop Social Security at some point because it’s a pyramid.
So I still like gradual privatization, or the right to move future benefits into a private annuity plan, to protect it from politicians.