Designed for poor Americans, Social Security is a good deal for the wealthy, too
“Social Security clearly has helped to alleviate poverty in old age and has proven to be highly popular, up and down the political and socioeconomic spectrum. But in reality, the program isn’t quite living up to its progressive design. The debate over Social Security’s progressive features, or lack thereof, has been going on for years. What piqued my recent interest were some new commentaries. For example, the Investment Company Institute, a mutual-fund trade group, asserted that Social Security is indeed progressive. It labelled arguments to the contrary as a ‘myth.’”