I've received a lot of emails recently from readers trying to calculate how much they paid in Social Security taxes over the years and then wanting to compare that to what they will get out of the system in return.…
what they will get out of the system in return. More often than not, they are trying to prove that Social Security is a rotten deal. While considering my response to these folks, I thought back to a column I wrote on this topic. I guessed it was just a couple years ago, but when I checked, I wrote the column way back in 2010. I decided I'm going to reprint the column today. I think it bears repeating, so here is that column I wrote 13 years ago.
People are also reading… Those mindless musings were prompted by a recent email I received, one that included comments similar to those I've heard from people almost every day for the past 40 years. The comment generally goes something like this:"If I could have invested all that money Social Security took out of my paycheck, I'd be a millionaire today!"
Also, in this guy's case, I pointed out in my emailed response to him that if he claims he would have gotten back $7 million, I'd guess other Social Security taxpayers could expect the same. In fact, assuming this guy is Mr. Average, that means some people would make better investments and some would do worse. So we'll assume that the average taxpayer would get $7 million from their Social Security investment account.
But what kept me up tonight is that I got to thinking something more radical: maybe Social Security isn't a social insurance program or an investment. Maybe it's just another tax we pay. And for the state and local taxes you pay, you get schools and libraries. You get your garbage picked up and your streets plowed. Do we ever say,"If I could have invested those state taxes I paid, I would have built a much nicer library" or"If I could have invested those federal income taxes, I would have come up with a cure for cancer by now."
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