Elon Musk asserts that Social Security is a Ponzi Scheme – He’s right but that’s harsh. SS is a tax that is taken from the working and given to the non-working. It should work forever because the population expands with evermore contributors. The government sold the idea of SS as an entitlement where you get back the same money that you have put in during your working life – like an investment but it doesn’t grow.

That same SS tax, if put in a real investment would probably have a larger return which you would own and be able to pass on to your heirs.

The problem is that we live longer and the proportion of SS recipients to workers is out of whack, which dooms SS to fail or become more tax of burden on the working.

First step to getting SS under control is to rename it, calling it a spade a spade. “Welfare for Older Non-workers” (WON) – then role it into the welfare department(s) which comes with means testing, and then Musk can close another agency.

Why SS means testing? Some people have been lucky or planned carefully for their retirement. Do they need welfare? I once dated a girl whose parents had plenty of money to live very well in retirement. They referred to their SS check as their “golf money”. They travelled a lot, had a big house and drove a Lincoln Continental. Do working people owe this class of people their “golf money”? Hell no! They don’t need the social safety net. So, some test of assets and income could immediately bring down the cost of WON that has run rampant.

In its place, we could change the FICA tax into a way for people to save more in their IRAs and 401Ks. This might gradually replace much of the need for SS. It would be money they would own and control.

I don’t think much of the MAGA government, but thanks to Elon for pointing out the problem with SS. Please let’s make a smooth, minimally disruptive transition away from the long-brainwashed SS tax-entitlement lie.