Category Archive: Social Security Impoverishes

Jun 22

Research Problem: Can Anyone Devise a Method to Test Whether Medicare and/or Social Security Have Negatively Impacted General Health?

by Dr. Roger I. Roots A previous post on the fact that today’s senior citizens are generally sicker (but longer-living, due to medical advancements) than their predecessors got me thinking. Can this increased level of sickness and chronic illness among today’s populations be partially attributed to Medicare? Or to Social Security? This is not as …

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May 09

Woops! Social Security now expected to be insolvent within 5 years.

Here’s some big news. A review by Harvard and Dartmouth researchers has found that the Social Security Administration’s actuarial forecasts have been consistently overstating the financial health of the program’s trust funds since 2000. Specifically, the agency has been ignoring evidence that Americans’ life expectancy has risen more than the agency has projected. A more …

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Apr 22

Social Security is a massive transfer from the poor and minorities to whites and the affluent

Columnist Star Parker is out with a brilliant column today: Here’s the conclusion of a 2013 study published by the Urban Institute in Washington, D.C.: “When considered across many decades — historically, currently and in the near future — Social Security redistributes from Hispanics, blacks and other people of color to whites.” According to the …

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Apr 08

Social Security Continues to Impoverish Seniors: 1 in 3 Will Live in Poverty in Response to the Program

Social Security is a program that takes money from poor people and transfers it to richer people. To the extent that America is defined by class structure (which can be debated), the poor tend to start working earlier in life, to pay into Social Security (and Medicare) longer, and to die younger. The rich tend …

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Mar 24

The “Scariest Chart in the World”: After Decades of Government Anti-Saving Policies, Half of Americans Save Nothing

The Business Insider is out with a chart showing that almost half of all Americans (47 %) save nothing and live paycheck to paycheck in response to decades of government policies that punish savers. Chief among the government’s anti-saver policies is the Federal Reserve system, which has set interest rates artificially low for more than …

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Mar 24

Urban Institute: Social Security Transfers Wealth From Poor to Rich

A 2004 study by C. Eugene Steuerle, Adam Carasso and Lee Cohen of the Urban Institute, entitled “How Progressive is Social Security and Why?,” found that Social Security is a massive transfer from poor groups to rich Americans. Although “Social Security was designed to redistribute income from those with higher lifetime earning to thos with …

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Mar 17

Milton Friedman on Social Security:

The U.S. Social Security program taxes most heavily on persons with low incomes, does not provide a fair return, and causes a massive transfer from the less well off to the better off. According to Milton and Rose Friedman, “the poor tend to pay [Social Security] taxes for more years and receive benefits for fewer …

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Mar 07

Harvard Economist: Social Security Decreased American GDP by At Least 3 Percent by 1980

Entitlements such as Social Security change people’s behaviors. Where people expect to be supported by a government program, they tend to work less, retire earlier, save less, and invest less. The world is much poorer because of such programs. The United States (and the world) is less prosperous, much poorer, less productive and less comfortable …

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Feb 11

Murray Rothbard on Social Security

The great economist Murray Rothbard (1926-1995), in his exhaustive treatise “Man, Economy, and State,” briefly discussed Social Security (2nd ed.2001, pages 957-58): Social security confiscates the income of wage earners, and then, most people presume, it invests the money more wisely than they could themselves, later paying out the money to the former wage earners …

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