l Myth: The elderly have “earned” their Social Security and Medicare by their lifelong payroll taxes, which were put aside for their retirement. Not so. Both programs are pay-as-you-go. Today’s taxes pay today’s benefits; little is “saved.” Even if all were saved, most retirees receive benefits that far exceed their payroll taxes. Consider a man who turned 65 in 2010 and earned an average wage ($43,100). Over his expected lifetime, he will receive an inflation-adjusted $417,000 in Social Security and Medicare benefits, compared with taxes paid of $345,000, estimates an Urban Institute study. Robert J. Samuelson
No myth dipwit. Banked at compound interest, the last year interest alone would be enormous. And would bear interest for his lifetime. You are proposing the same as raiding his bank account! Just because you used his money for frivolous programs does not make it your money. It’s a real entitlement, not like your other “entitlements”.
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Who would be satisfied with a $72,000 return on an investment of that size after 50 years? If he lives to collect. If he dies the gov’t keeps all. Doesn’t sound kosher to me.