Ralph C. Whaley states that a government program that takes a young person’s money to give to an old or disabled person is immoral and should be replaced by private retirement accounts.
I would like to propose to Whaley a future in which such a transition has taken place. And in which, because of a dip in the stock market, the individual retirement accounts of his parents are near worthless, so he must help to support them in their retirement. This somewhat reduces the amount he can invest for his own retirement. What if he, unfortunately, has a disabled child, whom he must support throughout his life and also fund a trust to provide income for that child after his death? Or what if, through accident or illness, Whaley himself should become disabled?
Life is neither predictable nor fair. Social Security is the very moral program that our government was wise enough to put into place to help protect us all. Let’s not destroy it.
