A thought that I’ve always had is that Social Security has done nothing but break down the relationship between generations: I don’t inquire as to my parents’ finances because I pay my taxes and my taxes go to my parents (in the form of Social Security).
But, as Bernanke has been strongly pointing out, we’re going to have to make choices: higher taxes, lower benefits, pushed out retirement age, etc., because the numbers just don’t add up.
I think that we should scrap Social Security, means test it (i.e., only for poor folks), and call it welfare. I’m happy to be responsible for my parents, instead of the government being responsible for my parents.
