Social Security, along with the other government entitlement programs, is "totally unsustainable," and the country would be better off if it had never been created, says author Don Watkins, of the Ayn Rand Institute.
"Social Security faces a $23 trillion shortfall over the long term, and so something is going to have to change," Watkins told Ed Berliner on "MidPoint" on Newsmax TV
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"Either taxes are going to have to go up, or people's handouts are going to have to be reduced, or a combination of both," he said. "So, we really need to re-examine — is Social Security a good thing in the first place?"
Watkins addresses the issue of Social Security in his latest book, "Rooseveltcare: How Social Security Is Sabotaging the Land of Self-Reliance,"
which was released in mid-June.
"What I argue in the book is that we would have all been better off if this program had never been created in the first place," Watkins said.
The fellow at the Ayn Rand Institute says that now "the issue should be how do we unwind it so that the people that are currently getting the handouts aren't completely left without anything."
Right now, he said, the "greatest tax burden" for "young people" is the "Social Security tax.
Watkins predicts that the Social Security tax will "rise from what it is today at 12.4 percent to close to a fifth of a person's income" if nothing changes.
He argues that the reason Social Security and the other social programs need to be eliminated is not that they are "too expensive" but that they "are completely immoral."
"What makes it immoral is the fact that we are sacrificing those who are responsible and do take care of their lives for the sake of those who don't," Watkins said.
Instead of Social Security, "there'd be private voluntary programs, there'd be investment vehicles, there'd be savings vehicles, there'd be all sorts of insurance and so on, but no government scheme telling you what you can do with your own money and your own life," he said.
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