Couldn't someone make the argument that you would actually see no net affect on your purchase power if SS didn't exist?
For example, if SS didn't exist, employers would lower their compensation because they would no longer have to pay you that "extra" salary that allows you to adequately absorb the SS tax.
Put it this way if SS was $200 on $1,000 in compensation.
The "waste" would be that a company must pay you $1,000 now for $800 in direct compensation after SS is applied. That $200 then goes to the bureaucracy to pay out a fraction of it back to you in benefits.
Now, without SS, the employer would pay $800 instead of $1,000 and you receive $800. The company takes the $200.00 and applies it somewhere else.
The employee receives $800 in direct compensation in either scenario.
This post was edited on 3/26 at 9:34 pm