Social Security
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More and more people are putting forth the idea of means testing Social Security, i.e., don’t pay benefits to people with a certain level of assets. In other words, don’t give benefits to people who work, pay their taxes and save for their retirement; rather, reserve benefits for those who spend everything and reach retirement age with no savings.
By penalizing the ant and rewarding the grasshopper we will add yet one more disincentive to save and invest. Why do we wonder why America has such a low rate of personal savings? The government keeps telling us to spend it all or suffer the consequences. It’s a wonder any of us save and invest anything.
ALLAN CANTOR
San Diego
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