Most sanely-run countries pay Social Security-like benefits out of general revenues. We have a regressive separate Payroll Tax to do the job, backed by a Social Security Trust filled with nothing but government IOUs...
The Great Social Security Scam
Our leaders had a great plan
Back in nineteen eighty-three;
They said this plan would well preserve
Older folks security.
Workers would kick in some extra
From their weekly sal'ry check;
Send this dough into a Trust Fund
Insurance 'gainst a system wreck.
But instead the Trust's been rifled
Bit by bit by Beltway slicks;
The money used to help disguise
Yearly budget deficits.
Now this Trust's become a bad joke,
One that makes the slickers nervous;
Just an IOU collection
That more taxes must now service.
So now we're hearing a new plan
That it's said will set things right:
T'would cut the bennies of the old
To help ease our fiscal plight.
Truth be told, it seems to me,
Given this sad history,
Instead of a new recipe,
We're owed a big apology.
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