Buying out Social Security would be a one time heavy expense which would then shrink our government to a more manageable size and promote fiscal responsibility. Social Security, Medicare, and Medicaid are consuming state and federal budgets at an almost unbelievable rate. It has been speculated that at some point in the future, these items will take over the budget entirely absorbing discretionary spending.
Entitlement Mentality
Too many people both in and out of government refer to Social Security as an entitlement program and imply that it is paying out undeserved funds to freeloaders. I take vigorous exception to this as the only entitlement here is that we are entitled to get at least some of our money back. You know, the money we've paid out of every check into the Social Security trust fund, the one that Congress has looted for years and filled with IOUs. If a bank or other trustee had treated trust funds this way, he'd have been prosecuted and jailed.
Buy Out
Everyone over 50 should receive a one time payment of $250,000 in their choice of either a check deposited to their bank account or as an annuity. Everyone under 50 should be allowed to deposit as much or as little as they wish into an IRA or 401k tax free. The government should immediately cease collecting Social Security taxes which would give taxpayers a much appreciated raise. Alternatively, the tax could be continued for a specified period (with a sunset provision) with the entire amount applied to the deficit.