PLUS the 40 years of investment returns that $325,000 would have generated when prudently invested by private inividuals instead of being confiscated and squandered by the federal government on annual consumption, and you're taking a fair deal and a lot of sense.<quoted text>
The average person pays about $325,000 into social security and medicare taxes over 40 years of employment. Let's just refund your contributions and let you fend for yourself after retirement...how does that sound?
Making the vast majority of Americans responsible and free to save and provide for their own retirement years without "help" they don't need from a fiscally irresponsible federal government that can't even manage itself responsibly is EXACTLY what the doctor ordered.
Give all present SSI participants the option to either continue taking their chances with the existing sham government-run Ponzi-scheme system, OR opt out from the system by receiving a one-time lump-sum payout in the form of US Treasury Bonds, an amount equal to the discounted (at the US T-Bill rate) NPV of the actuarial estimate of future SSI benefits they are due. Once out of the system, they are exempted from paying any SSI Payroll Taxes going forward - and they are responsible for saving/investing for their own retirement years.
Provide a similar "opt-in or out" choice for Medicare coverage. Works beautifully with Nanny-State ObamaScare - we don't need both programs.
State-run welfare programs then take care of the truly indigent in all age classes.
Problem solved. You're a genius.