Are Social Security payments "bought and paid for"?

[National Dialogue Moderator <moderator>]

In accordance with the moderator's directive that we look to the
future, I would argue that Social Security can and should be both
a saftey net and an individual (movable) asset.

That is, a two tier system could provide assistance, similar to an
insurance plan, when necessary and additionally as a personal
retirement savings account. The first or noninvestment tier would
honor the fundamental aim of Social Security that it keep the vast
majority of seniors, the disabled, survivors and dependents from
poverty.

Nonetheless, the addition of an individual savings component or
investment tier would permit a worker to accumulate savings for
retirement simultaneously creating an asset base thereby increasing
family wealth.  (Recall that one-third of income is derived from
money making money.) By the way, the second tier has the further
advantage of making more money available for borrowing to the
private sector for new and sustained economic growth and job
creation.

John Banks-Brooks