 | James O'Connor - 306 pages
...system embodied in the Social Security Act? As Milton Friedman has written, social security is in no meaningful sense an insurance program in which individual...equivalent actuarial benefits. It is a combination of a particular tax—a flat-rate tax on wages up to a minimum—and a particular program of transfer payments.... | |
 | John Attarian - 426 pages
...Wilbur Cohen debated Milton Friedman about Social Security in 1972. Friedman pointed out, rightly, that "social security is not in any meaningful sense an...payments purchase equivalent actuarial benefits," that it is instead a program of taxes and transfers, and that the insurance analogy rested on deliberate... | |
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A man who continues working after age sixty-five will be required to pay additional taxes, yet may receive no benefits at all. Social security is not in any meaningful sense an insurance program in which individual payments purchase equivalent actuarial... 