November 13, 2011

Social Security and Who Deserves It

There has been quite a lot of talk recently about who should and who should not be receiving social security.

Kan Langone founder of Home Depot, in an interview with Neil Cavuto last week, suggested he should not be receiving these monthly benefits.

Rick Perry also commented on the subject. “I think if you test for the income levels and, you know, obviously if you’re Warren Buffett, I’m not sure you really need to be accessing Social Security,” Perry said during a taped interview organized by AARP.

At some level perhaps this makes sense, but I’m not so sure.

First of all, Buffett and Langone, paid into the system all of their working lives and have probably paid in at the highest possible rate for many, if not all, of those years.

Secondly, these men, and others like them, are responsible for creating and maintaining hundreds of thousands of jobs, each of which also paid into the system.

Finally, who can be trusted to put the money received to work best? Langone indicated he and his wife give the social security they receive to charity. Considering how Congress has spent all the money in the social security trust fund, rendering it impotent or perhaps even insolvent, I trust wealthy people to put social security benefits back into the economy productively far more than I trust Congress or anyone else for that matter.

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