The problem with SS is that if the 25 year olds don't keep paying, there's no money to give to the 75 year olds who paid their whole working life. The money THEY contributed is long ago spent.
It's much harder to tell the 25 year olds to keep paying FICA and save for their own retirement.
If 25-year-olds are in a booming economy (a result of decreasing the economic controls), the taxes won't hurt nearly as much. Also, the knowledge that those are getting phased out and are a one-time thing will help a great deal.
The end result is a society where entire generations of people stop viewing each other as burdens and resources (young and old), and instead as individuals, with their own lives and responsibility to lead them to be the best they can be. That is a just society.
(Hat tip to Don Watkins for the phrase "burdens and resources")
IMO, it would take a very strong economy and very selfless generation to contribute 12.4% of their earnings over a lifetime and get nothing. They'd have to save well over a third of their earning power to have a hope of retiring. (12.4% that FICA is taking and giving to someone else, 12.4% for their own private replacement version of it, and at least 10% to replace what would today be their own supplemental retirement [today's 401k/403b/IRA/investments].) That's seriously into Mr Money Mustache territory!
IME with people, knowing that they are the only ones in history getting so screwed and this is a one-time thing will NOT make it OK nor reduce the feelings of burdens and resources.
(I do like that phrase a lot. I also wish you a good medical outcome, ofc.)
Nope. It isn't just, it is the jungle. A wise man once told me, "you must push the cart when you are young, so that you may ride it when you are old."
Our older generations must be looked after by the younger, instead of just discarded when their utility is below market average.
Your scenario works when everyone is on a fair and equal playing field, however for those that are disadvantaged, you are quite literally saying they must starve or be killed for the good of society. That my friend is a cruel world, and not one which I wish to strive for.
It's much harder to tell the 25 year olds to keep paying FICA and save for their own retirement.