The current Social Security (aka “socialist insecurity”) system is designed as a pay-as-you-go system, in which current workers’ tax dollars pay for the benefits of retirees. And the system is in serious trouble. With increased life expectancy and a declining birth rate, there are fewer workers to support a greater number of retirees. In 1950, there were 16 workers paying for the benefits of one retiree. Today, there are about three workers per retiree, and by 2025 there will only be two. According to the Social Security Administration itself, if unreformed, Social Security will begin running a deficit by 2017, and by 2060 Social Security and Medicare combined will make up 71 percent of the federal budget.
I have already said and illustrated this numerous times in previous articles, but I will say it once again: Taxation is theft, period. To continue this theme, I’d like to show what a few of my favorite laissez-faire economists had to say about the evils of taxation.
Many Christians believe that paying taxes is fulfilling the Biblical command to show compassion to the poor. We just need to “render to Caesar” and Caesar will do the right thing. Is this a valid conclusion?
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