The benefits and necessity of social security tax is one that has been challenged and criticized since its conception in 1935. For many without an economic background, it may seem that social security has its natural benefits- being able to provide for those who have paid into the system when they reach an age where they are no longer able to work. However, when put in the greater context of the national economy, and put under the lens of an economics expert, the reality is much more different. Richard Arthur Kelo, the outspoken classical liberal economist, is one such critic of the aging policy.

rick kelo

You can see him sharing some of his thoughts here on Rick Kelo – Understanding the Complexities of the Economy Video on Vimeo. On top of his profession as an executive tax recruiter, Rick Kelo also runs and maintains an insightful blog and website. On it are posts of articles written by him analyzing, discussing and scrutinizing aspects off politics, economics and society. Rick Kelo has long maintained the economic school of thought as developed by his heroes such as Ludwig von Mises. For these liberal economists, the imposition of high state taxes only have a negative impact on a nation’s economy in the long run, and benefit few people. As quoted on one of his recent articles posts ”As Social Security turns 80 years old have you ever stopped to wonder whether you are better or worse off for having government confiscate 12.4% of your wages? A couple economists at the Federal Reserve asked themselves that question, and found that only four-one-hundredths of one percent (0.04%) of Americans would be better off under Social Security than funding their own private retirement. 99.96% were made worse off.”

It is strange that such an important study remains so unknown to the wider electorate. For Richard Arthur Kelo, it is the duty of himself and other educated individuals to help highlight pertinent information such as this better inform the wider public. In doing so, they can help oil the machinery of liberal democracies, and hold governments accountable for actions that don’t serve the interest of the general population.

You can follow Rick Kelo on Tumblr to find out about his latest posts, articles and blogs, and keep yourself up to date with the latest trending developments and important issues in politics and economics.

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