Is there a legit argument for privatization of social security?

I am closing in on retirement, my goal has been to retire at 60. I did a little math over the weekend, I have 20 years with the company I work for and started a 401 when I started work there. The company put 3% of my salary in a 401 and matched 50% of my contribution up to 6%. So, for 20 years my account has gotten 12% of my salary. I used the calculator from the manager of my account to calculate my monthly cash flow from the account if I retired at 60 years of age. It came out to about $3300 a month. I then went to the SSA website and looked up what my social security would be at 62 years old, the earliest I can get any benefit. Keeping in mind that 6.2% for SS and 1.45% for medicare is a shade over 7.5% of my salary and the employer has to pony up another 7.5% for a total of 15%, or, 25% more than is contributed to my 401. If I start drawing social security at 62, my monthly check would be about $1700. The government has been collecting an amount equal to 15% of my salary for almost 40 years, twice as long as I have been putting a lesser amount into the 401. Not only has the government squandered the money they have taken, they threaten to further reduce benefits because of their poor investments. Then they are going to tax me again on the money they give back to me.I really can't see a reason not to push for privatization, future generations would benefit greatly if the government wasn't "holding their money" for them.

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PicturesOfABetterTomorrow · 41-45, M

It is and always has been an excuse for corporate America to loot the treasury and blow it all like a kid with a coke habit.

Roadsterrider · 56-60, M

@PicturesOfABetterTomorrow Corporate America isn't looting social security, politicians are looting the treasury.

PicturesOfABetterTomorrow · 41-45, M

@Roadsterrider Even if that is true and I have yet to see anyone prove that. giving it to corporate America to blow is not a solution. You seem to miss context. They would not want to get their hands on it if they were already wasting it.

Roadsterrider · 56-60, M

@PicturesOfABetterTomorrow The funds are delivered to the government, congress controls spending, the funds that wind up going to corporations come from congress, pork barrel projects 180 different kinds of public assistance, $600 ashtrays, our politicians are making these deals. The government is spending like there is no tomorrow and no limit. If I ran a business and could get a lucrative contract to make my business make a higher profit, I would do it. But I wouldn't be trying to rape the folks paying the bill either. Our politicians are playing fast and loose with the future for personal gain. Something like 70% of the house and senate are millionaires compared to 1% of the general public, many have never had a real job, right out of school and into politics. They make about $175K in 2019, if they never spent a penny, it would take five and a half years to save 1 mil. How do you have 2nd termers worth 10 or 15 million dollars? The answer is corrupt politicians.

PicturesOfABetterTomorrow · 41-45, M

@Roadsterrider Your entire argument is based on assumptions. If there is some corruption they must all be corrupt and wasting all the money everywhere. That is a huge and crazy leap that does not hold up to scrutiny. And do you really think the solution is handing it over to oligarchs who have literally zero oversight of any form? Also like some conservatives you seem to make the fundamental mistake assuming government should be run like for profit enterprises.

Carazaa · F

@PicturesOfABetterTomorrow Because of their own high salaries I believe! That is where the money goes!

PicturesOfABetterTomorrow · 41-45, M

@Carazaa That is total conjecture. And if you think privatization would do anything to solve that you are delusional. In the corporate world the highest paid government employee would be a pauper in comparison.

Carazaa · F

@PicturesOfABetterTomorrow I believe in strong loving Government, so no privatization of social security, insurance, or basic necessities.

PicturesOfABetterTomorrow · 41-45, M

@Carazaa Well we agree there. My original response was to someone who seemed to believe that privatization would solve corruption which I find funny.

Carazaa · F

@PicturesOfABetterTomorrowThat is hilarious, yes. I think I have never seen anything so funny in my life! ha ha ha ha ha!

Roadsterrider · 56-60, M

@PicturesOfABetterTomorrow Corruption, like poverty, will always be an issue with mankind. If part of the money going to social security could be included in my own investments, the government would have to find money elsewhere. I do have some recourse if my portfolio is mismanaged, that's why Bernie Madoff is in jail. There is no way nor one particular individual to prosecute in government. It is much easier to see a problem with what I manage than it is to watch over what they manage, so in that sense, corruption would be less.

PicturesOfABetterTomorrow · 41-45, M

@Roadsterrider Last I checked they have not abolished democracy yet. And Madoff was decades ago. Name one person who was jailed for tanking the entire world economy. I will save you the trouble there were exactly zero. And even having a portfolio is for the most part a sign of someone who is well off enough that this is just an academic discussion they don't need to worry about. Suggesting you have any recourse for corruption in business is as silly as saying having voting a single voting share makes you a decision maker in a corporation and the same as a vote in an election.