Uncle Roger's Notebooks of Daily Life

Z is for Zero

I am quite sure that people such as those at the Cato institute have thought this whole idea of Social Security privatization through completely and are either certain that no one would ever end up with a zero balance when it comes time to retire or prepared to deal with it. Because I know that, if investing for my retirement were left up to me, I would end up with a zero balance.

That, however, is not what concerns me.

What bothers me the most about this is actually just an example of a larger problem. We, as individuals have zero concern for our fellow citizens or our community in general.

Social Security is a big community pot to which we all* contribute and from which we all* receive benefits. It's almost communistic, in a way, in that the idea of from each according to his abilities, to each according to his needs applies. Everyone contributes while they are working and withdraws once they retire. As I understand it, benefits continue until you die, however long or short that may be. It all averages out in the end with the contributions of those who pass away at a younger age covering the needs of those who live longer.

Converting this group plan into individual ones means that everyone would mean that this community averaging would not occur. Someone who died young would leave the remainder of his funds to his heirs while someone who lived longer than average would soon run out. It's simply a case of screw you, me, me, me. Zero concern for others; it's all about looking out for number one.

* I know that "all" doesn't, in this case, mean all (I'm married to an exemption), but I'm far too lazy to be accurate when I know you know what I mean.