The Third Rail

The Media Research Center outlines an MSNBC report on Social Security:

Inside this small, private elementary school in Manhattan, Mimi Basso came to work this morning thinking about retirement. She has no plans to retire, but these days, worries about getting back all the Social Security money she paid in.

Mimi Basso: “I am entitled to the money. It’s my money. I’ve saved it.”

Um, no you didn't, Mimi. The government took it. And they didn't save it either. They gave it away in foreign aid and welfare, built bridges with it and, of course, paid their own salaries with it. And if you die, Mimi, they get to keep it.

Basso conceded she lacks personal responsibility and seemingly didn’t save any money herself as she assumed others would pay for her: “The day I turned 16, I got a job. And every single paycheck has had a deduction for Social Security and for Medicare. For 34 years, I’ve been counting on this money to fund my retirement.”

Imagine if, instead of depending on a government entitlement, Mimi Basso had actually saved over 15% of her income every year, instead of having it taken from her. She could not only fund her own retirement, she could do something with the excess. Help a grandchild with college, donate to charity, go on a nice trip. This is the real shame of social security. It removes wealth from people and dependence on it condemns them to poverty.