Libertarianism Dot Org: Peter Ferarra: 'Social Security: "The Inherent Contradiction'

Source:Libertarianism Dot Org- with a video featuring Peter Ferrara.

"Peter Ferrara is Director of the International Center for Law and Economics and President of the Virginia Club for Growth. He is a graduate of Harvard College and Harvard Law School, and has practiced law with firms on Wall Street and in Washington, DC.

In this video, Ferrara lectures at a Libertarian Party of New York conference on his first book, Social Security: The Inherent Contradiction (1980). He describes in detail the problems built into the way the U.S. Social Security system was designed and offers a method of transitioning to a fully privatized retirement-savings model." 

From Libertarianism Dot Org

Social Security is simply a retirement insurance system, that it is its basically there for people who don't have enough of a pension fund. So once Americans become too unhealthy to work, meaning they are no longer physically and mentally able to work long enough to support themselves, or aren't able to work at all and they don't have enough of a pension fund to pay their bills for the rest of their lives, at least they'll have Social Security. And hopefully not have to live off of their children who have their own bills to pay, as well as raising their own kids, their parents grandchildren.

Social Security was never meant to be a retirement system, whether it's a public retirement system run by the government, to go along with private pension plans or a single payer retirement system where it's the only retirement system in the country. Nor should it be, because we should all be worried about centralize power, one organization or another private or public that has so much power over us that we have no where else to go other than whoever holds this power for us or over us. But Social Security is simply there for people who otherwise wouldn't be able to pay their bills.