Ernie the electrician understands Social Security

When they asked the financial advisor for his view, he spoke more broadly. He said that our government has grown way beyond the vision of our founding fathers. He said that Washington politicians from both parties, and bureaucrats, have for decades successfully decreased our freedom and liberties as they have regulated more and more of our lives, including our retirement. Without some spark, he didn’t think it would change. He said the senators’ proposal was typical; don’t let folks keep more of the fruits of their labor, rather tax them, and then provide lower benefits, all in the name of protecting them, and saving a government program.

Ernie was even more concerned about his kids’ future. They would need his help if the government kept on this path. To him, the senators’ proposal was just another bit of evidence that it probably would. So he decided to take out a lot less than $37,000, and leave the rest to his children. And though they didn’t know it, the senators helped him make that decision.

William G. Shipman is chairman of CarriageOaks Partners, LLC and co-chairman of the Cato Institute Project on Social Security Choice. Email William at wgs@carriageoaks.org