I would contend it is welfare since the quality and quantity of the benefits constantly decreasing (due to population histogram flattening out). Benefits received are less and less correlated with what you put in.
Defined benefits need to be reduced, via changes such as raising retirement age, changing the bend point in the benefit formula, and changing the inflation measure.
Also, that left hand right hand change of funds from social security trust fund to US treasuries is not meaningful. At the end of the day, if the government is not collecting enough tax revenue to offset the spend, it is resulting in decreased purchasing power of the currency (which is a form of welfare in my eyes from young workers older non workers).
For Medicare, you have things like having to see a PA/NP rather than an MD, or having to wait longer times for appointments. And people generally get far more healthcare than the accumulated value of their FICA contributions.
It is, mathematically, today’s young workers paying for old people’s healthcare. And they should bet on getting less.
Defined benefits need to be reduced, via changes such as raising retirement age, changing the bend point in the benefit formula, and changing the inflation measure.
Also, that left hand right hand change of funds from social security trust fund to US treasuries is not meaningful. At the end of the day, if the government is not collecting enough tax revenue to offset the spend, it is resulting in decreased purchasing power of the currency (which is a form of welfare in my eyes from young workers older non workers).
For Medicare, you have things like having to see a PA/NP rather than an MD, or having to wait longer times for appointments. And people generally get far more healthcare than the accumulated value of their FICA contributions.
It is, mathematically, today’s young workers paying for old people’s healthcare. And they should bet on getting less.