The Tragedy of Socialist Insecurity

Guest Post by Eric Peters

The real tragedy of Socialist Insecurity is just that.

Many of those forced to “contribute” all their working lives to this socialist wealth transfer scheme could probably have retired – in the sense of not having to work – well before reaching SS retirement age and not been dependent upon SS in their retirement.

And so independent of the government.

Instead, generations have been made into elderly – but ferocious – defenders of the government. Don’t touch my Social Security! say elderly conservatives.

They then wonder why leftism continues to advance . . .

The moral argument against socialism is self-evident. It is immoral to take what isn’t yours – and Social Security does exactly that, except worse. It persuades the taker that he has “contributed,” when in fact he has been taken. Financially as well as psychologically.

First, he is required – is forced – to hand over money, in most cases before he has even held it in his hand. His “contributions” are “withheld” – that is, deducted without his consent – from every paycheck, if he earns one. If not – if he is self-employed –  he is obliged to actually hand over the money – 15 percent of every dollar, now – which is a “contribution” in the same way that you are a “customer” of the agency that enforces the taking, should you elect not to “contribute.”

Second – and worse – he is led to believe (and often, allows himself to believe) that he actually did “contribute” to an annuity of some kind; that “his” money is gathering interest/investment income in an account somewhere, with his name on it. This enables him to feel not defrauded – and defensive.

Don’t touch my Social Security!

That anyone still believes that SS is some kind of annuity they’ve “contributed” to is almost as tragic as the fact that there are still people who believe “masks work.”

Yet some do believe it – or allow themselves to pretend they do – so that they can think of themselves as other-than-defrauded and be ok with others having to pay for it. This latter being the chief evil and perpetuator of the evil of Socialist Insecurity. Each defrauded generation is egged-on to support the defrauding of the generations behind it, having been rendered dependent upon them for “their” Social Security.

And so we come to the insecurity aspect of it.

If, instead of having been forced to “contribute” 15 percent of every dollar they earn (up to about $160,000 annually, after which the “contributing” ceases) over decades of their working lives, people had been left free to save and invest their money instead, most of them would still have their money – and more. They would, accordingly, never end up dependent upon government alms – paid for by victims of government. They could retire sooner, too – if they wanted to – because they would not have to keep on working to pay their bills.

Some rough math will make the point.

A person who earns $60,000 annually is forced to “contribute” about $9,000 annually (a calculator is here, if you’re interested). Over say 25 years of “contributing,” that person will have been defrauded of $225,000.

What might a person have done with that money if it had not been taken from him?

Among other things, he would have had a lot more money to work with, while he was working – and so been less dependent upon credit – and debt – to pay for things he needed and could otherwise have afforded to buy. A new roof for his house, for example. Or improvements to it, which would increase the value of it so that when it came time to sell it, he’d get more money for it.

Which would not go to pay off debt but rather go in his pocket.

He would have been able to take advantage of opportunities to make money, as by purchasing something – like land – that would likely increase in value, perhaps substantially. Or by having the money to start a business that makes more money.

Capitalism. As opposed to socialism. 

Independence. As opposed to dependence.

He might have been able to buy a car outright rather than have to finance it – with the result being not having to come up with hundreds of dollars each month for the next six or seven years to pay for it. Instead, he could pay himself – putting money in savings or investing it.

He would earn interest on it, in that case. His money would make more money. How much money would he have in savings if he simply did just that and put aside the entire $9,000 each year in a savings account each year for 25 years? Each year, the principle increasing and so also the interest?

At the end of 25 years – only 25 years! – it is probable the person who put aside $9,000 each year would have a lot more than $225,000 in his account – which would be just that. He would not have to degrade himself by applying for Social Security. Nor by the ugly knowing his retirement was being financed by the “contributions” of young workers forced to “contribute” not to their own retirement, but to his.

Neither of them having any more right to what they’re eventually doled out than a beggar at an alms house.

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