Is Social Security a good retirement plan? Economics professor Antony Davies shows that Americans stand to earn significantly less and assume more risk with Social Security than other investment options.
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Social Security was a good investment when it was private. It was well run and made lots of money and had lots of opportunities for its investors. Had the Federal Government stayed out of its business those on Social Security would be doing very well financially. Originally it was private, made lots of money by being well run and only allowed benefits for those that paid in. One day The Feds looked at them and said they have trilions of dollars sitting there and we could use it. The took over Social Security, issued IOUs for the cash, and started down the road of giving it away to more and more people who never participated. That is why Social Security is in trouble – they spent the money, gave away benefits to people who should not have gotten them and don’t want to pay back the money they took. In case you didn’t know; the biggest holder of US Debt is not China, it is the Social Security Fund. It’s our money and we need it now. Stop foreign aid and pay back your debt to us first.