The financial doom of Social Security isn’t breaking news—it’s been brewing for decades. The program, once hailed as a safety net for retirees, is now a $175 trillion liability dragging the U.S. economy into murky waters. But instead of fixing the problem, Washington’s answer has been to kick the can down the road, tacking on more debt and leaving future generations holding the bag. Sound familiar? Enter Australia’s Superannuation program—a proven solution that the U.S. should have adopted yesterday.
First, let’s address the elephant in the room: Social Security isn’t your money anymore. What started as a promise to save your earnings for retirement was quietly transformed into a tax—and a bad deal at that. Workers pay in their hard-earned dollars, but the returns are pitiful, the management is laughable, and the government can’t seem to keep its hands out of the pot. What we have is a Ponzi scheme with a Congressional stamp of approval.
2. In 1935, the American people were sold a bill of goods. They were told, “Pay into this system, and it’ll be YOUR money for retirement.” Sounds great, right? pic.twitter.com/vornmRyOY1
— Mike Lee (@BasedMikeLee) December 3, 2024
4. The government—through Assistant Attorney General Robert Jackson—argued in essence, “Oh no, this isn’t YOUR money at all. This is a TAX, and we can do whatever we want with it.” Classic bait and switch. pic.twitter.com/NCNFJOs0lz
— Mike Lee (@BasedMikeLee) December 3, 2024
6. So, to summarize: the proponents of the Social Security Act told American workers that what they paid into the system would remain *their* money, not the government’s—to get Congress to pass it—and then told the courts the exact opposite when defending the Act’s… pic.twitter.com/V0ygmHSkvL
— Mike Lee (@BasedMikeLee) December 3, 2024
Australia took a smarter path. In 1992, the Aussies rolled out their Superannuation Guarantee, a mandatory retirement savings program where employers contribute a percentage of each worker’s earnings into a private fund owned by the employee. Think of it as a forced 401(k)—but one you control. Employees decide how their money is invested, and the funds grow tax-free until retirement. No more “trusting” Uncle Sam with your future.
The benefits are staggering. Superannuation has created a robust private savings system, fueled Australia’s financial markets, and reduced the strain on public welfare programs. By 2013, Australia’s pension fund assets ranked fourth-largest globally—a massive achievement for a nation of just over 20 million people. In contrast, the U.S. Social Security system is a black hole, sucking in dollars and spitting out deficits.
Beyond the math, Superannuation empowers individuals. It’s your money, your fund, and your choice of how to invest it. The government doesn’t play middleman, and the system doesn’t collapse under political pressure.
It’s time for the U.S. to face reality. Social Security isn’t sustainable, and the patchwork reforms of the past won’t cut it. Australia’s model works because it trusts citizens to manage their retirement while providing a safety net for those in need. It’s time to trade in America’s Ponzi scheme for a system that actually delivers. Let’s stop selling nightmares and start building dreams—before it’s too late.
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