The law is based on a financial scheme that would be ilegal and frankly laughed at in the private sector.


1.) the government confiscates money by force of law put it into a pool and then invests in its own debt instruments. That makes no sense.


2.) as participants in the program we dont get any certificate of ownership of the underlying debt obligation because we dont in fact own anything. If someone bought a government bond or shares in a bond fund that specialized in government debt it would belong to thwm and pass to their heirs if they pass. Thats not the case with social security. You dont own anything, there is no account witg your name on it. You just pay the current beneficiaries of an insurance program with the promise thar it will be there for you. Thats not insignifigant. The only reason that the program survives in a democratic society is because people think there ARE accounts for individuals.

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