I’m pleased to note that Paul Hsieh’s latest article on PajamasMedia quotes from and links to my post On Eliminating Social Security, here on the Repeal the Bailouts Blog:
Paul’s article is excellent, as always. Like my post, it shines a light on the “dirty secret” of Social Security: that everything that’s been “paid in” to the so-called trust fund over the years is now gone. There are no “assets” left in it except a promise to stick tomorrow’s workers with the tax bill for the already squandered payments of yesterday’s. As Thomas Jefferson implicitly observed (Jefferson on Future Debt), that’s a prospect and a burden that one generation has no right to impose on the next — and as I argue, that the latter has no moral obligation to accept.